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LONDON - Wynnstay Properties PLC (AIM:WSP) has exchanged contracts for the purchase of a series of industrial units in Waterbeach, Cambridge, for approximately £2.77 million, marking a strategic expansion of its property portfolio. The acquisition involves a terrace of five light industrial warehouse units at Denny End Industrial Estate, situated adjacent to the A10 trunk road.
The freehold property, with an address at Units 3-7, Pembroke Avenue, CB25 9QP, features an extensive front service yard and is part of an established industrial estate. The units are currently leased to a mix of tenants, including a specialist manufacturing business and a national motor parts trade counter, with one unit held on a long-leasehold interest. The total annual rental income from these leases is £183,100, resulting in a net initial yield of 6.2%. Following scheduled rent reviews and a potential lease renewal or reletting in 2028 and 2029, the yield is expected to increase to 6.45%.
Wynnstay’s financial commitment to the acquisition totals approximately £2.95 million, including stamp duty land tax and due diligence fees. The company plans to cover this cost using about 60% of its cash reserves, with the remainder funded through existing borrowing facilities. The transaction is set to be finalized by the end of May 2025.
Chris Betts, Managing Director of Wynnstay, commented on the acquisition, highlighting the properties’ excellent location and the strong local economy of Cambridge as key factors in the decision. He expressed optimism about the properties’ potential for future growth, which is expected to contribute positively to Wynnstay’s portfolio diversification.
This strategic move by Wynnstay Properties PLC aims to leverage the economic dynamism of the Cambridge area and is a calculated effort to strengthen the company’s asset base in the region. The information for this article is based on a press release statement.
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