THE multi-let industrial (MLI) property company Stenprop, has acquired Mandale Business Park in Durham in a multi-million pound transaction.

Comprising 37 modern units, the 136,000 sq ft estate is almost 100 per cent occupied by 31 tenants spanning a range of sectors including trade counter and light manufacturing.

The property demonstrates a consistent rental tone of £5.83 per sq ft with strong growth prospects, said Stenprop.

Since the start of the coronavirus pandemic, Stenprop has made seven acquisitions of over 660,000 sq ft of MLI property for a combined value of £53.19 million, adding more than £3.5 million to the annual contracted rent role and taking the portfolio past five million square feet of MLI.

The company, which a remains on track to be 100 per cent MLI by the end of 2022.

Mandale Group will continue to deliver high-quality industrial stock across regional locations, leveraging its established track record to target undersupplied markets.

Will Lutton, head of investment at Stenprop, said: “We continue to grow our portfolio of well-occupied multi-let industrial properties in locations where there is critical undersupply of suitable space and which benefit from strong local infrastructure.

"Both acquisitions offer strong day one income, with the longer-term opportunity to unlock reversionary potential utilising our proprietary leasing platform.

“While appetite for well let industrial assets continues, driven by accelerating structural trends, we remain able to both source and acquire properties that meet our investment criteria, with a significant pipeline of opportunities as we head towards 2021.”

Joe Darragh, estates director at Mandale, said: “Mandale intends to carry on growing its industrial arm. We feel we have created a product in our units that businesses are looking for, which is one of the reasons they let so well.

“We have planned schemes throughout the whole of the north and further afield.

"This includes our high spec industrial units and a new prototype business unit comprising a small ground floor warehouse with 50 per cent first floor luxury office and amenity block.

"The sale of Mandale Trade Park to Stenprop went very smoothly and swiftly. They were a pleasure to deal with.”

Luke Symonds, Capital Markets Director at Lambert Smith Hampton (LSH), advised Mandale Investments Limited on the disposal.