TT Group acquires industrial assets for over £9.5m

We have acquired the freehold of an industrial estate in Folkestone from Workspace Group PLC, the FTSE 250 REIT.

The site is situated on the Three Acre Industrial Estate on Park Farm Road, with the town centre approximately 1.2 miles to the south.

Totalling 44,341 sq ft of industrial space, the nine-unit estate, let to eight tenants, generates a rent of £367,708 p.a.

Tenants, which include Howdens, Plumbase, Edmundson Electrical and Eurocell, benefit from excellent transport links and connectivity with the M20 and Channel Tunnel freight terminal within 2 miles of the estate.

TT Group was advised by Ereira Mendoza, CBRE advised Workspace Group.

TT Group has also acquired a modern, prime single-let industry unit in Kegworth. Excellently located within 1 mile of J24 of the M1, the detached unit of 73,590 sq ft sits on a 3.61-acre freehold site. The property is let in its entirety to Hayward Tyler Fluid Handling Ltd on a 15-year lease.

TT Group was advised by GV&Co, Sanderson Weatherall advised Interpath.

Commenting on the acquisitions, Paul Munday, Head of Investment Acquisitions at TT Group, said:

“We’re pleased to have completed these transactions in line with our strategy to target well located multi-let and single let industrial investments. We will benefit from a balanced and diversified income stream, whilst they offer future asset management enhancement opportunities. We continue to seek similar assets to acquire as part of further increasing our investment portfolio.”