Souterhead Industrial Estate, Altens, Aberdeen
Advised M&G Property on the sale of Souterhead Industrial Estate, Altens in Aberdeen to Stenprop for £4.15m, reflecting a net initial yield of 8.2%. The long established estate, which comprises 24 starter size terraced units, was 85% occupied at the time of the sale giving the purchaser the opportunity to add value through new lettings and active asset management.
How was Ryden pro-active?
Ryden undertook very restricted marketing of the estate by targeting a handful of investors known to be actively seeking multi-industrial opportunities. The timing was opportune for Stenprop who acquired the industrials.co.uk portfolio in the summer of 2017.
Souterhead is the first multi-let industrial estate to sell in Aberdeen for almost three years. It is evidence of investor confidence returning after local market challenges. This property offered a high yield return relative to other UK locations.