Tandem acquires 250,000 sq ft South Yorkshire Booker portfolio
Split across six sites, the purchase is made up of predominantly industrial units with 80% located at Fall Bank Industrial Estate and Claycliffe Business Park in Barnsley.
The investment company made the off-market acquisition from a private seller.
Tandem Investments was represented by Wildbrook Commercial Real Estate and CMS, while the vendor was represented by Bramleys and Bury & Walkers.
The portfolio benefits from an occupancy rate of over 95% and comprises over 60 individual units.
Refurbishment works to the vacant units will be undertaken shortly, with the aim that they will be ready for occupation early next year.
Tandem plans to appoint their letting and marketing team over the course of the next few weeks.
Commenting on the acquisition, Richard Rees, director at Tandem Investments said: “We are thrilled to have completed this exciting acquisition, it is something that we have been working towards since January.
“The portfolio has been well maintained by the vendors, and we are looking forward to getting into the asset management
opportunities over the coming months.
“The portfolio has strong fundamentals being located close to both the M1 and Barnsley town centre whilst benefitting from an average unit size of circa 4,000 sq ft.
“This is by some way the largest acquisition by lot size, which Tandem has completed to date.
“We are really pleased with how we have been able to grow the business and the portfolio over the course of the last two years, and we are particularly grateful to Matt Barnes and his team at CMS who dragged the transaction over the line.”
Neil Higson at Wildbrook said: “There is a limited development pipeline in this sub-market for competing unit sizes, and for the proposed developments the quoting rents are significantly greater, so there is an exciting opportunity to achieve a realistic reversion and to crystallise the portfolio within a short term period.
“The portfolio is fundamentally sound and provides a good result for both the buyer and the vendor.”
