IO, the specialist manager of multi-let industrial estates, has acquired Whiffler Road Industrial Estate, Norwich for £2.625m for its £120m UK Industrial joint venture. The estate comprises 61,400 sq ft spread across 7 units, with an existing vacant rate of 20%.
The acquisition reflects a net initial yield of c.6.75% rising to c.9% upon leasing of the two vacant units. IO will implement an estate-wide refurbishment programme in order to elevate the profile of the estate within the local market, optimise occupancy and increase the low average passing rent of £3.80 psf on let accommodation.
IO Investment 2 is a joint venture between Grosvenor, the privately-owned international property group, Quilvest, an independent wealth manager and private equity investor and the IO Group.