London-based Orchard Street Investment Management has completed the acquisition of Lister Road industrial estate in the UK town of Basingstoke.

London-based Orchard Street Investment Management has completed the acquisition of Lister Road industrial estate in the UK town of Basingstoke.

Orchard Street, acting on behalf of St James’s Place Property Unit Trust, purchased the property from Store Property Investments for £13.2 mln (€16 mln). The price represents a net initial yield of 6.5%.

The asset is a 12,115 m2 multi-let industrial and trade counter estate situated on a 2.9-hectare site in southwest Basingstoke, with direct access to the M3 motorway.

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.

DTZ advised Orchard Street and Deloitte Real Estate acted on behalf of Store Property Investments.