Partners sell Taurus Park to Orchard Street
Marchmont Investment Management and Pictet Alternative Advisors have completed the disposal of the Warrington industrial estate for £23.65m, reflecting a net initial yield of 4.9%.
Taurus Park which is fully let, amounts to around 135,000 sq ft close to the meeting point of the M6 and M62 motorways.
Orchard Street Investment Management has made the buy on behalf of a pension fund client.
The asset is described by Marchmont as a high-quality, multi-let industrial estate comprising 13 units. Since its acquisition in 2021, the estate has been proactively managed by Marchmont, “delivering strong income growth and robust occupational performance through targeted asset management initiatives”.
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Marchmont and Pictet were advised by ACRE Capital Real Estate and Osborne Clarke.
Orchard Street said it will target a number of low carbon refurbishments to improve EPC ratings to A+, electrify the units and install solar PV panels to reduce occupier costs and decarbonise the estate, with the aim of driving further rental growth.
This represents one of the first investments made by Orchard Street’s recently launched Decarbonisation Fund, the second fund in its growing Impact Fund series.
Tom Chadwick, partner at Orchard Street, said: “Taurus Park fits very well with our investment thesis of acquiring well-located, reversionary assets with significant decarbonisation potential.
“With its robust fundamentals, quality tenant mix, and clear opportunity to add value through decarbonisation, the asset offers a compelling blend of impact and performance. Our vision is to reposition Taurus Park into a best-in-class industrial estate that delivers long-term value to both occupiers and investors.”