Newfield Industrial Estate in Stoke-on-Trent Sells for £6.7m
Network Space Investments has acquired Sandyford Properties’ Newfield Industrial Estate for £6.7m.
The sale of one of Sandyford Properties’ long standing fully self-contained multi-let industrial estate comes with a net initial yield of 7.7%. The industrial estate is located in the town of Tunstall, near Stoke-on-Trent in the UK’s West Midlands.
Newfield Industrial Estate has been a part of Sandyford Properties’ portfolio for 21 year. It covers an overall floor area of 124,080sqft which is split across industrial, leisure, and office units. It also has 2.6 acres of surfaced overage land throughout that has the potential to offer open-storage compounds or further re-development in the future.
Network Space Investments investment director Martin Mellor said:
“We are delighted with this investment acquisition. Newfield has been acquired as a value-add opportunity with an asset management strategy already in place, which will be delivered by NSM, the group’s management company.”
The sale comes with 20 existing tenants, 70% of which are long term occupiers and have been residents on the industrial estate for over 35 years.
Network Space is a commercial property developer, investor and manager specialising in the industrial warehouse sector across the north of England. Established nearly 40 years ago, the company has created and modernised over 11 million sq. ft of industrial warehouse property in over 150 locations. Sandyford Properties owns 1.2million sq. ft of industrial property across Staffordshire and Cheshire.
Sandyford Properties head of asset management James Lewis said:
“The sale of Newfield Industrial Estate has allowed us to redeploy those funds into other acquisitions and to invest in the growth of our existing sites. We have had a series of new long-term leases agreed in recent years and the site has grown and improved significantly. Some areas have been refurbished and there is ongoing works to the site, so it’s a great opportunity for the new owners to support further growth to its tenants.”