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Investor Snaps Up Luton Industrial Scheme

LONDON-An industrial estate in Luton, Bedfordshire, is the latest target for Warner Estate's $147 million buying spree as the company transforms itself from residential landlord into commercial investor.

By Charlie Jacoby | Updated on October 15, 2001

LONDON-Property investment company Warner Estate Holdings has exchanged contracts to purchase the 82,000-sf Scott Road Industrial Estate in Luton, Bedfordshire, for £6 million ($8.8 million). It bought the 18 month-old scheme from Dencora Properties.

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.

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