Harworth Group has acquired an industrial park in Merseyside for £26m, as it continues to grow its exposure to the sector.
The developer and investor has bought Saturn Park in Knowsley at a net initial yield of 7.7%.
Located on a 35.2-acre site, Saturn Park comprises 416,000 sq. ft of modern warehouse space across three units with ancillary offices, plus 13.1 acres of open storage land, which together generate a passing rent of £2.14m per annum with a WAULT to expiry of 5.25 years.
The asset’s warehouse space is let to two tenants including Singleton Trading, a specialist importer and distributor of toys and goods to the North West, which occupies two units totalling 317,600 sq ft. The third 77,000 sq ft unit is let to Relonchem, an independent pharmaceutical company.
Four tenants occupy the majority of the open storage land across five leases, generating an annual passing rent of £628,000, whilst 10,500 sq ft of the 22,000 sq ft of office space is let to the NHS.
Harworth said it would undertake asset management initiatives to create further value at Saturn, including refurbishment works and enhanced marketing of the remaining vacant office space and land, whilst also exploring the potential for further development on the 4.25 acres of currently vacant land on the site.
HWG : Harworth acquires Merseyside industrial park for £26m