A £100m property investment fund has acquired an industrial and warehouse development in Northamptonshire for £7.24 million.
Following the forming of a partnership between asset manager and industrial developer Chancerygate and property-focused investment company JR capital, Wollaston Industrial Park, near Wellingborough, is the second investment the fund has made in the UK.
The 14-unit development comprises two adjoining estates totalling 127,550 sq ft and is located about four miles south of Wellingborough and 15 miles west of Northampton.
The purchase by the fund follows the first acquisition of Brunswick Park, near Newcastle-upon-Tyne, in July for £3.3 million.
Fully occupied, the vendor for the development was Eskmuir Securities, which has invested £1.3 million in the site since it was purchased from Standard Life in 2015.
Anchor tenants include the Salvation Army Trading Company and Airwair International, the holding company for the global footwear brand Dr Martens.
Chancerygate head of asset management Rory Finnan said: "The acquisition of Wollaston Industrial Park so soon after our first transaction signals an extremely strong start for the fund and demonstrates our ability to act decisively and at pace.
"The development is fully let highlighting the lack of supply in the area and demand for this type of product. Established industrial areas in Northamptonshire have achieved significant rental growth in the last few years and Wollaston Industrial Park provides another option in the local market."
Developed in the 1980s, the Williams Way estate consists of seven units totalling 61,019 sq ft ranging in size from 2,192 to 24,181 sq ft.
The Raymond Close side comprises seven units totalling 66,523 sq ft with accommodation ranging in size from 5,028 to 14,336 sq ft.
Current occupiers also include Aston Martin restorers Charles Briggs and drum manufacturer O’Neill.
JR Capital head of investment, Michael Ferris, added: "This is the only industrial estate in Wollaston and rents are at a significant discount to nearby towns, therefore providing strong potential for growth over the medium term.
"Demand for industrial, warehousing and distribution assets across the UK is at a record high and Northamptonshire is no different.
"Wollaston Industrial Park is the fund’s second acquisition and we expect to deploy a further £50 million over the next three to six months."
Gerald Eve advised the fund and Lewis Ellis acted on behalf of Eskmuir Securities.