Eastbourne industrial estate acquired by investment fund for £13.7m
Compton Industrial Estate in Eastbourne has been acquired by a £150m investment fund managed by property investment company JR Capital and asset manager Chancerygate.
The fund has a five-year life and is targeting industrial, warehousing and urban logistics investments across the UK in lot sizes of between £5m and £15m.
It acquired the industrial estate from a joint venture between commercial property business Canmoor and investment company JCAM for £13.7m, reflecting a net initial yield of 7%.
The Compton Industrial Estate comprises 12 units ranging from 3,555 sq ft to 22,785 sq ft and current occupiers include East Sussex County Council, Eastbourne Coach Furnishers, Williams Trade Suppliers and Howdens Joinery.
JR Capital’s CEO, John Collier-Wright said: "Eastbourne is the third acquisition for the new fund in as many months and it presented us with a good opportunity to allocate capital to the south coast, a region underpinned by strong occupational demand, a lack of available units and very few new developments in the pipeline.
"The estate offers well diversified and reversionary income, with short term opportunities to add value by refurbishing and re-letting units. It is well positioned for growth over the next cycle."
The partners’ first fund, which totalled £100m, secured 18 assets ranging from Dundee to Exeter over two years. The assets comprised 150 units totalling more than one million sq ft.
Chancerygate asset management director George Jerram commented: "Our latest acquisition sits in one of Eastbourne’s prime industrial locations and reflects the strong confidence we have in the local market for urban logistics accommodation.
"There remains strong demand for urban logistics property both regionally and nationally. Compton Industrial Estate is a key opportunity to expand the geographical spread of our portfolio with a well-established, strategically located asset."
Compton Industrial estate lies 1.5 miles from Eastbourne town centre and is close to the A22 and A27.
