Otterwood Square
Wigan's Otterwood Square was bought as part of a three-estate deal. Image from Google

Industrial buyers make North West moves

Warehouse REIT has swooped for two Warrington buildings as part of an £18.6m four-asset deal, while Stenprop has acquired the multi-let Otterwood Square in Wigan for £1.67m.

The AIM-listed REIT, which is billed as focusing on “e-commerce urban and last mile industrial warehouse assets,” has bought 1 Kingsland Grange, Warrington, a 71,000 sq ft business park property three miles from Warrington town centre, close to junction 21 of the M6.

The property is currently let to a global supplier of high-performance plastic compounds.

Warehouse REIT has also bought a 42,000 sq ft warehouse, let to Selco and UK Storage Company, in Milner Street, within Warrington’s Bank Quay Gateway Quarter.

Andrew Bird, managing director of the REIT’s investment advisor, Tilstone Partners, said: “We are pleased with this latest addition to the company’s portfolio, which represents an increasingly rare opportunity to acquire a strategic portfolio of assets, in tactical last mile distribution locations.” The company raised £153m in the summer for last-mile assets.

Stenprop’s Wigan acquisition, which reflects a net initial yield of 6.6%, comes as one of three purchase of multi-let estates.

Otterwod Square comprises 18,867 sq ft across 12 units, generating a passing rent of £117,000. It sits within the Martland Mill industrial estate less than a mile from the M6.

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