Property company buys Carnforth industrial park for £9.05m

Sirius Real Estate has completed the acquisition of Elmsfield Park, which is a multi-let light industrial park in Carnforth, for £9.05 million, representing an 11.4% net initial yield including acquisition costs.

The park is just north of Lancaster and is three miles from the M6 motorway with excellent connections to Scotland and to the south.

The acquisition will add 172,152 sq ft of light industrial space to the Group’s U.K. portfolio, and has been made using proceeds of the recent capital raise in July.

Elmsfiled Park was first put on the market by Landbro Developments in June. The guide price then was £12.8m.

This freehold asset is fully let to eight tenants on FRI (full repairing and insuring) leases.

Tenants already on board include Ace Joinery Services, Ronal Bathrooms, and MSP Technologies.

The site comes with planning permission for approximately 35,000 sq ft of new industrial space.

In addition, Sirius has completed the €3 million acquisition of a circa nine acre (35,894 sqm) strategic land parcel adjacent to its 77,600 sqm Oberhausen multi-use business park in the Ruhr area of

northwest Germany, providing the opportunity to expand the park through a potential development.

Andrew Coombs, chief executive officer of Sirius Real Estate, said: “We are continuing to make good progress on our acquisition pipeline, following on from 12 months of active investments

in both Germany and the UK.

"The Carnforth acquisition presents the company with a number of value-add opportunities to utilise the Sirius platform to grow the income and value of the asset.

"In addition, both Carnforth and the land that we have acquired beside our Oberhausen site offer interesting development potential to add further industrial space.”

Sirius Real Estate said on their website: “We are an owner and operator of branded business parks, industrial complexes and out of town offices in Germany and the UK.

"These sites are home to tenants ranging from large multinational corporations to smaller SMEs and individual customers.

"We create value through a thorough process of acquiring assets, strategically investing capital, and implementing a comprehensive asset management plan.

"When assets have been fully transformed, they are either held for their stable income or sold.”

Visit https://www.sirius-real-estate.com/ for more information.