Property investor Stenprop adds Bellshill industrial estate to portfolio

A Lanarkshire industrial estate has changed hands as part of a duo of deals worth more than £7 million.

Property investor Stenprop hasacquiredwesterncampus at Strathclyde Business Park in Bellshill for £4.6m from previous owner Central Assets.

The campus, which was built in 2016, totals more than 44,200 square feet across 15 industrial units and is currently 75 per cent let.

The purchase reflects a net initial yield of 6.8 per cent.

It boasts a total annual passing rent of £333,454, which includes rental guarantees on the two of the three vacant units, and equates to an average rental income of £7.98 per sq ft.

Stenprop was advised by Colliers and Central Assets by Ryden.

The group has also purchased Merryhills Enterprise Park in Wolverhampton from two private investors for £2.5m. Merryhills is currently 91 per cent let.

Stenprop’s portfolio in Scotland includes the Anniesland Business Park in Glasgow, Imex Business Centre in Loanhead and Souterhead Industrial Estate in Aberdeen.

Executive property director Julian Carey said: “Both Western Campus and Merryhills Enterprise Park are modern, purpose-built industrial estates located in denselypopulated areas with strong demand-supply characteristics.

“We believe both provide an excellent opportunity to add value and grow income using our industrials operating platform by delivering an excellent customer experience and leasing the vacant space.”

The latest deals are part of Stenprop’s respositioning strategy as it aims to become a specialised UK multi-let industrial (MLI) property company. MLI assets currently account for 44.9 per cent of the group’s portfolio.