Dunmoore has fought of competition from over 30 bidders and acquired a fully-let industrial estate in Cheltenham from CBRE Global Investors.
It has bought Bamfurlong Industrial Park, which is located close to Junction 11 of the M5, for £7.4m, reflecting a net initial yield of 4.52%.
The estate comprises 28 units, totalling over 200,000 sq ft. The average net rent is £1.77 per sq ft on leases that expire between 2034 and 2039.
Jeff Hobby, managing director and owner of Dunmoore, said “Bamfurlong is located in an area with good supply-demand characteristics. The amount of available industrial space in Cheltenham is at its lowest level for a decade, while demand for space from local businesses is strong.
The mixture of short and long leases on the estate presents us with opportunities to add value through a programme of asset management.
Dunmoore was represented by Chris Freer Smith and the vendor was represented by Hartnell Taylor Cook.