Hansteen Holdings has announced the acquisition of two assets in Derbyshire for a total price of £41.1m. West Hallam Industrial Estate (Ilkeston, South Derbyshire) is being acquired for £27.3m, which reflects a net initial yield of 6.2%. Completion is due on 24 September. Belasis Business Park (pictured) is located in Billingham, Teesside. It is being acquired for £13.8m (inclusive of purchase costs), reflecting a net initial yield of 7.0% (rising to 8.3% on contracted rent). Completion is expected on 29 September.
The West Hallam Estate covers 118 acres and includes 106 buildings, totalling 1.28m square feet. The site is let in its entirety to Norbert Dentressangle and produces a total annual income of £1.7m
Belasis Business Park has 33 purpose-built, detached and terraced business units, totalling 129,136 square feet on a 62 acre site including 1.67 acres consented for additional development. It is 84% let to 19 occupiers, generating annual contracted income of £1.15 million. Three substantial adjoining freeholders contribute to the running costs of the Park. The Park has a WAULT of over 10 years and major tenants include Tracerco (part of Johnson Matthey), ABB Group and Worley Parsons.
Hansteen acquires assets in Ilkeston and Teeside for £41.1m : HSTN