European real estate company ARA Europe, part of ESR Group, on behalf of Singapore-based Straits Real Estate Pte, a subsidiary of The Straits Trading Company Limited, has sold Block 13 Delta Way at Gloucester Business Park.
The multi-let industrial estate was acquired by property company Wulff Capital Holdings for £2.1 million. The vendor was advised by Alder King.
Block 13, which is let to a diverse mix of tenants, comprises eight industrial units in three separate terraces totalling 26,224 sq ft. Originally developed in the 1960s, it offers potential for repositioning through refurbishment with opportunities for rental growth.
Adrian Rowley, partner at Alder King in Gloucester, said the disposal reflects the strength of Gloucester’s industrial investment market.
“Industrial opportunities remain highly desirable, with the market being driven by strong occupier demand, a lack of available stock and limitations on speculative development. The secondary market has experienced rapid rental growth over recent years and this is anticipated to continue as existing stock continues to erode.”
Ben Cowles of Wulff Capital Holdings added: “We’re very pleased with the acquisition of Block 13 which provides us with an excellent foothold in the Gloucester market where we believe demand will remain strong over the coming years, particularly for assets such as this one.”
Since opening in 1998, more than 2.8 million sq ft of high-quality accommodation has been developed at Gloucester Business Park including Grade A office buildings, large distribution facilities and small industrial units. High profile occupiers include Dowty, Wincanton, GE Aerospace, BAE Systems and Ecclesiastical Insurance.
ARA Europe, on behalf of Straits Real Estate Pte. Ltd (SRE), a subsidiary of The Straits Trading Company Limited, acquired Gloucester Business Park in 2022. It has since applied for detailed planning permission to develop 350,000 sq ft of new industrial/warehouse space on the remaining vacant plots.
Bath-based Future plc, the publisher of specialist online and print magazines, said trading in its…
The university of Bristol was one of six organisations to receive a contract from the…
Oxford BioDynamics Plc is teaming up with researchers at King's College London in a bid…
More than a quarter of a million extra construction workers are needed in the UK…
Kent-based housebuilder Vistry revealed it was on track to deliver more than 10% growth in…
A Dorset-based company, which has developed ground-breaking technology to recycle plastic waste and turn it…