Last week, Allsop completed on the sale of the Hornet Portfolio, a selection of highly coveted industrial assets on behalf of Threadneedle TUKPAIF. Acquired for £35,270,000 by Pears Property & Trillium, it reflects an NIY of 6%, which shows a capital value of approximately £95 psf.
The portfolio is comprised of seven industrial assets ranging from circa 30,000 sq. ft to 1,100 sq. ft in size, including Aston Fields Trading Estate in Bromsgrove, Airfield Industrial Estate in Christchurch, Holton Heath Trading Estate in Poole, West Howe Industrial Estate in Bournemouth, Southwick Industrial Estate in Sunderland, Wincheap Trade Park in Canterbury, and Whitehouse Industrial Estate in Newcastle. With the UK-wide surge in online shopping following the outbreak of Covid-19 and the move away from just-in-time inventory, industrial assets have been in high demand, resulting in a tighter supply of suitable properties across the country.
Thanks to the wide geographical spread of the assets, strategically located across the South East, North East and the West Midlands, this deal offered the buyer a unique opportunity to increase its presence in the regions.
Jeremy Hodgson, Partner, National Investment at Allsop, said: “Industrial assets continue to be an exceptionally strong-performing asset class, and we don’t see this trend reversing any time soon. The Hornet portfolio is comprised of well-managed properties, offering the buyer an opportunity to boost its footprint across the regions, with an excellent growth potential going forward. We expect to see high levels of demand for industrial properties in 2021, and the Hornet portfolio is a great example of the value that can be found in this asset class.”
Allsop acted on behalf of the vendor and Lewis & Partners and Lambert Smith Hampton acted for the purchaser.