M&G Real Estate has acquired a 274,000 sq ft multi-let industrial estate in Northampton from Pears Property Group.
The Brackmills Central industrial estate comprises 32 units and is currently fully let to 23 tenants who service both local and national markets.
In an increasingly popular logistics market, Northampton remains a region with strong tenant demand and a sought after location for both distribution warehouses and small urban logistics assets.
With an average rent of £5.00 per sq ft, Brackmills Central provides scope for rental growth compared to rents set at similar estates in the region.
Chris Jeffs, Investment Manager at M&G said:
“This acquisition is in line with M&G Real Estate’s strategy to continue to acquire good quality multi-let industrial estates in supply stricken markets. Brackmills Central provides a great opportunity for us to drive rental growth through active management in a market that is starved of small units of a high quality”.
Ben Grossmann, Investment Director at Pears Property said:
“Over the last two years we have actively managed the estate and aim to recycle the equity as soon as possible”
Stonehill Partners & Drake Commercial advised M&G Real Estate, while Franck-Steier Price & Harris Associates advised Pears Property.