On a site of around 25 acres, the property currently comprises 374,000 sf of light industrial and warehouse units built in the early 1970s. The current rental income is approximately £1.4 million per annum. But Hammerson plans top redevelop the site with a mixed retail, leisure and residential scheme.
Last year Hammerson bought its first standing retail warehouse investment--parc Fforestfach in Swansea, South Wales-- and then bought the specialist out-of-town investor Grantchester.
Hammerson Managing Director John Bywater said: "Following our recent entry into the retail warehousing sector, we have been seeking additional opportunities for expansion. This property provides an attractive current yield and the opportunity to add value through a redevelopment in an area that is likely to see significant inward investment in the next few years."
Hammerson was represented by Holley Blake. The vendor was represented by iOG.
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