ARA Europe, the European platform of ESR Group, acting on behalf of Straits Real Estate Pte. Ltd (SRE), a subsidiary of The Straits Trading Company Limited, has sold the investment of Block 13 Delta Way at Gloucester Business Park. The multi-let industrial estate was acquired by Wulff Capital Holdings for £2.1 million. The vendor was advised by Alder King.
Block 13, which is let to a diverse mix of tenants, comprises eight industrial units in three separate terraces totalling 26,224 sq ft. Originally developed in the 1960s, it offers potential for repositioning through refurbishment with opportunities for rental growth.
Adrian Rowley, partner at Alder King in Gloucester, says the disposal reflects the strength of Gloucester’s industrial investment market.
“Industrial opportunities remain highly desirable, with the market being driven by strong occupier demand, a lack of available stock and limitations on speculative development. The secondary market has experienced rapid rental growth over recent years and this is anticipated to continue as existing stock continues to erode.”
Ben Cowles of Wulff Capital Holdings commented: “We’re very pleased with the acquisition of Block 13 which provides us with an excellent foothold in the Gloucester market where we believe demand will remain strong over the coming years, particularly for assets such as this one.”
Gloucester Business Park is the region’s premier business location. Since its opening in 1998, over 2.8 million sq.ft of high-quality accommodation has been developed including Grade A office buildings, large distribution facilities and small industrial units. High profile occupiers include Dowty, Wincanton, GE Aerospace, BAE Systems and Ecclesiastical Insurance.
ARA Europe, on behalf of Straits Real Estate Pte. Ltd (SRE), a subsidiary of The Straits Trading Company Limited, acquired Gloucester Business Park in 2022. It has since applied for detailed planning permission to develop 350,000 sq ft of new industrial/warehouse space on the remaining vacant plots.