Glenstone acquire Leeds Industrial Unit
Glenstone have completed the purchase of a single let industrial unit in Leeds let to Just Trays Limited.
Just Trays Limited are the UKs number 1 shower tray manufacturer and are in the process of relocating their HQ to the subject property which is located at the established Whitehall Industrial Estate adjacent to the A58.
The property comprises a well configured warehouse unit totalling approximately 39,500 sq.ft let at £4.05 psf.
The freehold investment was purchased for just over £2.3m reflecting a net initial yield of 6.5% and offers an attractive reversionary yield of 8.4%.
The acquisition forms part of Glenstone’s wider strategy of diversifying into growth sectors and strategic locations across the UK.
Sam Russell, Investment Manager at Glenstone, comments “This investment presents a great opportunity to increase our exposure to the industrial sector which continues to thrive. Location, covenant strength and specification of the unit were all key drivers in the boards decision to proceed and to reinvest some of the capital from sales in the summer to improve return for our shareholders.”
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