DLA Piper advises St James’s Place Property Unit Trust on £13.25m estate acquisition

DLA Piper has advised St James’s Place Property Unit Trust on the acquisition of Lister Road industrial estate from Store Property for £13.25m. The sale price represents a net initial yield of 6.5 per cent.

Lister Road industrial estate is a 130,407ft² established multi-let industrial and trade counter estate, situated on a 7.2-acre site in south-west Basingstoke.

Comprising 20 warehouses and trade units, the estate is currently let to 13 tenants on 17 leases, which produce rental income of £914,556 per annum. Current tenants include Pilkington Glass, Leverton-Clarke, Hampshire County Council and Edmundson Electrical.

The estate has an average weighted unexpired lease term of 4.7 years. 

DLA Piper’s legal director Paul Dineen advised St James’s Place, which instructed Orchard Street Investment Management, a specialist commercial property investment manager, on the acquisition. Gemma Lodge and Laura Glover (both associates, real estate) assisted.