Midlands property developer and landlord Hortons' Estate is continuing its expansion drive with a fifth major acquisition in the past 12 months.
The latest deal for Hortons' is the 5.5 acre Wayside Business Park in Coventry which was acquired in a multimillion pound off-market deal with Fosse ME.
Wayside is Hortons' first acquisition in Coventry, marking a new direction for the Birmingham-based company, but within its property strategy.
Wayside Business Park is situated in a prime location on Wilson's Lane with immediate access to junction 3 of the M6, and comprises a mix of office and industrial space, as well as development land for a further 40,000 sq ft of industrial or warehousing units.
The site already offers a good income stream in the shape of an eight per cent yield on investment from the 25,800 sq ft of industrial space let to Aphel and the 32,500 sq ft of multi-let office space.
Rob Blyth, chief executive of Hortons' Estate, said: "For Hortons' first acquisition in Coventry it was vital to have a site in a prominent location which offered excellent development potential, and Wayside meets all these criteria."
Acting on behalf of Hortons' was David Allen from NAI Fuller Peiser who said: "In this competitive market Wayside is a rare opportunity, with its accessible location and genuine development potential.
"Even before further development the site works on its existing income stream and produces a solid income."
Mr Blyth continued: "We still have a number of exciting prospects in the pipeline for 2005."
Acting on behalf of the Fosse ME was David Storer Partnership of Rugby.