IO completes Mansfield acquisition in multimillion-pound deal
IO Asset Management, the specialist asset manager of multi-let estates has acquired a modern industrial estate in Mansfield for £3.325M, in a deal facilitated by Commercial Property Partners LLP (CPP).
The estate, known as Hallamway Industrial Estate forms part of the well-established Old Mill Lane Industrial Estate, situated just off the A60 in Mansfield Woodhouse, north of Mansfield town centre.
The 21-unit scheme was built in 2015 and was the first traditional starter unit scheme developed in the East Midlands post 2007 downturn.
Stuart Waite, Partner at CPP who advised IO on the deal, commented: “We are delighted to have identified the opportunity for IO to acquire this asset ‘off market’.
“This acquisition fits perfectly into IO’s existing multi let portfolio; providing high quality, modern industrial accommodation in a well-established location, with scope to drive returns through proactive asset management and rental growth.”
The estate comprises 21 units, 19 of which are let to predominantly local and regional businesses and provides much needed supply of starter unit accommodation in a region which is starved of high quality SME space.
Oliver Bowditch at IO Group commented: “Hallamway is the latest acquisition for our Tesco Pension Fund mandate, targeting multi-let industrial estates which we will hold and actively manage to maximise income and capital value. We have significant funds available for further acquisitions as we continue to build our portfolio of multi-let industrial estates under management.”
The estate was sold by Retford based Strawsons Property, who developed the site in 2015.