Wynnstay announced that it has exchanged contracts for the acquisition from three members of the Gunne family of Units 1-4, 18a Wildmere Road, Banbury, OX16 3JU and Unit 14, The IO Centre, Whittle Way, Stevenage, SG1 2BD for an aggregate cash consideration of £2.525 million. The Banbury Property is freehold and comprises two industrial buildings, separately let to established national and regional trade counter businesses, with service yards and an access road. The total rent passing is £103,425 per annum.

The net initial yield is 6.0%., which is anticipated to rise to provide a reversionary yield of around 7.0%. after a lease renewal or reletting in 2025 and a rent review in 2026. The Stevenage Property is held on a 999-year lease at a nominal rent and comprises a mid-terrace industrial unit.

The rent passing on the single occupational sub-lease to an established national trade counter business is £57,550 per annum. The net initial yield is 6.0%. which is anticipated to rise to provide a reversionary yield of 7.2%.

after a rent review in 2026. The total cost of the Acquisition, which includes stamp duty and other acquisition costs, is anticipated to be slightly less than £2.7 million and is predominantly being funded from Wynnstay's cash resources, with approximately one-third being funded from existing borrowing facilities. The Acquisition in expected to complete at the beginning of 2024.