Sandyford Properties has acquired Salcombe Road Industrial Estate in Alfreton, Derbyshire, from Derbyshire County Council at auction for £2.5m.
The 35,300 sq ft multi-let estate, which comprises 16 units ranging from 1,550 sq ft to 3,100 sq ft, produces a current gross rental income of £203,114 a year, and offers scope for growth inline with market levels.
Sandyford intends to refurbish the site, which is the company’s first acquisition in the East Midlands, as part of its active asset management strategy.
Paul Brindley, managing director of Sandyford Properties, said: “We are delighted to complete our first acquisition in the East Midlands. Salcombe Road Industrial Estate is a well-located, income-producing estate with clear potential to add value through refurbishment and proactive asset management. We see this as the first of many opportunities in Derbyshire and Nottinghamshire as we continue to grow our portfolio.”
Sandyford was advised by FHP, which has been retained as the letting agent for the estate. Sandyford’s legal advisor was Hill Dickinson.
