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11 December 2020

Beeston business park acquired in £16.4 million deal

London & Scottish Property Investment Management has acquired Beeston Business Park, Nottingham for £16.4 million on behalf of Regional REIT. The property’s annual rent of £1.5 million reflects a net initial yield of 10.1%.

The 26.5 acre out-of-town business park, which was formerly the Siemens Technology site, comprises 91,895 sq ft of office space at Waterfront House, 411 parking spaces, three industrial buildings totalling 128,379 sq ft, a 0.71-acre development plot and sporting fields.

Waterfront House accounts for 70% of the site’s rental income and was refurbished in 2016 at a cost of £2.8 million. It is fully let to Metropolitan Housing Trust, Worldwide Clinical Trials and Heart Internet. The industrial and warehousing units are let to accident and repair manufacturer AW Repair Group and electronics manufacturer SMS.

Stephen Inglis, CEO of LSPIM, said: “We are delighted to announce a further accretive acquisition, funded by recycling sales proceeds. To acquire such a high quality and income-producing asset management opportunity is quite an achievement in the current market environment. The yield of 10.1% reflects a substantial uplift against the 4.8% yield that was generated from Juniper Park, Basildon, which we recently sold for £32.7 million.

“The business park is well positioned in one of the UK’s top 15 cities with excellent transport links, and it also increases our regional diversification. This acquisition also offers the potential execution of a number of near-term asset management initiatives. This makes it a good fit with our specialised asset management platform and offers both short and medium-term income and capital growth opportunities.”

The business park, which is four miles from Nottingham city centre and next to Beeston rail station, has excellent connections to London St. Pancras International. It is located and 12 miles from East Midlands Airport.