February 15, 2010
Salmon Harvester Opportunity Fund, the joint venture between Salmon Harvester Properties and NFU Mutual, has bought Stadium Way Industrial Estate, Reading, for £17.4m. The freehold purchase represents an initial yield of 7.25%.
The 222,713 sq ft industrial estate is the second major investment for the fund, following the recent acquisition of Surrey House and Lever House in Kingston Upon Thames.
The estate generates £1.35m in rent pa and with an average lease term of five years. Tenants include Screwfix, Wolseley Centres, Travis Perkins, Howden Joinery and Newey and Eyre.
Matthew Meaden, Fund Manager, Salmon Harvester Opportunity Fund said, “With some very strong tenants, good access and a prime location, Stadium Way Industrial Estate offers great potential for active asset management. This is our second major investment and we have cash resources of £100m available for further investment acquisitions.”
The estate is located on the roundabout junction on the A329 (Oxford Road), one of the main routes through Reading, with a frontage to Portman Road, the main road through the Battle Farm Industrial area.
Salmon Harvester was represented by Hoddell Stotesbury Morgan.
