Topland Group has completed almost £40m of transactions in the first half of 2018, demonstrating its ongoing appetite for opportunity driven commercial property deals.
The group has recently acquired a fully let 310,000 square foot multi-let industrial estate in West Bromwich for £23m. The asset includes a mix of tenants and is let off reversionary rents providing asset management opportunities as well as circa 6 years’ income. Harris Associates and Savills acted for Topland on the acquisition.
David Sanderson, Investment Manager at Topland noted “This transaction evidences our ability to unearth value in a market famously void of stock, and provides a unique mix of stable income and value add initiatives”. Harris Associates and Savills acted for Topland on the acquisition.”
Topland has also recently acquired a single let office building in Farnham Surrey and a single let industrial unit in Bracknell. The former is located in Farnham and let to a subsidiary of Cello Health Group plc for a further 5.5 years. The £4.2m acquisition capitalises on the shortage of office space in Farnham resulting from a large number of permitted development conversions. The property has recently undergone substantial refurbishment and is let off c£24.50 per square foot. Whitmarsh Holt Young acted for Topland.
The industrial unit in Bracknell is let to BT for a further 40 years, is strategically located in Bracknell town centre and was acquired off market for circa £7m. Avison Young acted for Topland on the deal.
On the sale side, the group has continued with a number of strategic disposals, including Ironbridge House in Hanwell for circa £5.1m. The sale follows significant asset management initiatives on the office building over the last two years since acquisition, including an enhanced residential scheme under permitted development and the exploration of a full redevelopment of the site.
Topland sold to a London based developer crystallising a significant profit for the Group. Strutt and Parker acted for Topland on the sale.
Mark Kingston, managing director of Topland MD, said: “The first half of 2018 has been a busy one for the investment side of the Group with a number of strategic acquisitions and disposals. These deals demonstrate our diverse, opportunistic requirements and ability to drive value from a range of sectors. We remain acquisitive, and with a number of further transactions in the pipeline we look forward to an equally busy second half of the year.”
