Stenprop snaps up Bellshill business park in multi-million-pound deal

A Glasgow industrial estate has changed hands as part of a duo of deals worth more than £7 million.

The campus totals more than 44,200 square feet across 15 industrial units and is currently 75 per cent let. Picture: Contributed

Property group Strenprop has acquired Western Campus at Strathclyde Business Park in Bellshill for £4.6m from Central Assets.

The campus, which was built in 2016, totals more than 44,200 square feet across 15 industrial units and is currently 75 per cent let.

The purchase reflects a net initial yield of 6.8 per cent.

Stenprop executive property director Julian Carey. Picture: Contributed

It boasts a total annual passing rent of £333,454, which includes rental guarantees on the two of the three vacant units and equates to a rent of £7.98 per sq ft.

Stenprop was advised by Colliers and Central Assets by Ryden.

The group has also bought Merryhills Enterprise Park in Wolverhampton from two private investors for £2.5m.

Executive property director Julian Carey said: “Both Western Campus and Merryhills Enterprise Park are modern, purpose-built industrial estates located in densely-populated areas with strong demand-supply characteristics.

“We believe both provide an excellent opportunity to add value and grow income using our industrials operating platform by delivering an excellent customer experience and leasing the vacant space.”

Its portfolio in Scotland includes Anniesland Business Park in Glasgow, Imex Business Centre in Loanhead and Souterhead Industrial Estate in Aberdeen.