More than 80% let, the scheme comprises 13 industrial and warehousing units ranging from 2,500 sf to 17,000 sf, generating an income of £404,246 per annum. On reversion and without further lettings, the property generates a yield of 9.02%.
The property is let to a variety of tenants including Chubb Fire, BSS Group and the Department of Health. In addition, the estate includes a 1.5 acre site with planning consent for a further 40,000 sf of units. Warner Estate plans to utilise the consent and fully develop the site.
The purchase follows Warner's recent acquisition for £16.3 million ($24 million) of West Gate, Bristol, a 90,924-sf five-story office property let to Royal & Sun Alliance Insurance Group.
Warner chairman Philip Warner said: 'We are actively looking to acquire well-located investment grade property such as Scott Road, and West Gate, our recently announced purchase in Bristol. Scott Road is a modern asset with a substantial reversion and planning consent to expand by 50%.
'We have £100 million ($145 million) available to take advantage of current market conditions. We regard the current economic uncertainty as an opportunity. We will continue to look for high- yielding properties where our active management strategy can drive forward returns for shareholders.'
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