Weir Lane Industrial Estate (photographs courtesy of Avison Young)

Manston are pleased to announce the completion of their acquisition of the Weir Lane Industrial Estate in Worcester, from Worcester City Council.

This c. 5 acre industrial estate is comprised of 7 units let to 5 tenants on long-income ground leases, and is located on the Southern outskirts of Worcester a short distance away from the M5. The wider estate is let to prominent covenants such as Worcester City Bathrooms, Sunbelt Rental Tools, Stock’n’Lock Self Storage, Howdens and Screwfix.

Tom Boardman-Weston, Manston Investments’ Managing Director stated,

“I am very pleased indeed to have completed this acquisition and to be incorporating Weir Lane into our portfolio. This deal has had a number of novel aspects to it – and sincere thanks must go to all our advisors for their hard work on getting this over the line, as well as the team at Manston who conducted detailed internal due-diligence and will now spend time properly on-boarding the properties and their tenants.”

The very long length ground leases (with a WAULT of > 60 years) have a meaningful impact on the make-up of our core portfolio, providing long-term security of income and a solid reversionary base for the future. This provides an excellent foundation, alongside some of our acquisitions last year, for further growth in the portfolio and the ability to sensibly manage our exposure to CRE. I look forward to working with our new tenants, well into the future.”

Manston were advised on this purchase by Andy Price (AP Investment – buy-side agent), Rachael Briggs & Fiona Thompson-Butler (Landsmiths – legals) and Kristian Potts (Kapital Property – Capital Allowances). The vendors were advised by Avison Young and Freeths.