Sirius Real Estate makes £9m industrial park purchase

The European investor has acquired Elmsfield Park, a multi-let light industrial park in Carnforth in Lancashire.

Sirius’s purchase will add more than 172,000 sq ft of industrial space to the group’s UK portfolio and represents an 11.4% net initial yield including acquisition costs.

The park produces a net operating income of £1.1m per annum at an average rate of £6.47 per sq ft.

Elmsfiled Park was first put on the market by Landbro Developments in June. The guide price then was £12.8m

CBRE advised the undisclosed seller and Sirius was advised by DTRE.

The freehold asset has been fully let to eight tenants on full repairing and insuring leases. Tenants already on board include Ace Joinery Services, Ronal Bathrooms, and MSP Technologies.

In addition, the site has planning permission for an additional 32,000 sq ft of space.

Andrew Coombs, chief executive officer of Sirius Real Estate, said: “The Carnforth acquisition presents the company with a number of value-add opportunities to utilise the Sirius platform to grow the income and value of the asset.

“We are continuing to make good on our acquisition pipeline.”