IO Asset Management has acquired the modern industrial estate in Mansfield for £3.325M in a deal facilitated by Commercial Property Partners LLP (CPP).
The estate, known as Hallamway Industrial Estate forms part of the Old Mill Lane Industrial Estate, just off the A60 in Mansfield Woodhouse, north of Mansfield town centre.
The 21-unit scheme was built in 2015 and was the first traditional starter unit scheme developed in the East Midlands following the 2007 financial crash.
Stuart Waite, partner at CPP who advised IO on the deal, said of the deal: “We are delighted to have identified the opportunity for IO to acquire this asset ‘off market’.
“This acquisition fits perfectly into IO’s existing multi-let portfolio; providing high quality, modern industrial accommodation in a well-established location, with scope to drive returns through proactive asset management and rental growth.”
The estate comprises 21 units, 19 of which are let to predominantly local and regional businesses and provides much-needed supply of starter unit accommodation in a region which is starved of high-quality SME space.
Oliver Bowditch at IO Group commented: “Hallamway is the latest acquisition for our Tesco Pension Fund mandate, targeting multi-let industrial estates which we will hold and actively manage to maximise income and capital value.
“We have significant funds available for further acquisitions as we continue to build our portfolio of multi-let industrial estates under management.”
The estate was sold by Retford based Strawsons Property, who developed the site in 2015.
Commercial Property Partners is a leading firm of chartered surveyors that specialises in the transaction and management of commercial property within the Yorkshire, Midlands, London and North East markets.
CPP have been recognised for three consecutive years at the Insider Yorkshire Property Industry Awards, being awarded ‘Industrial Agency of the Year’ in 2014 and 2016, and highly commended in 2015 and 2017.