Property developer Howard Group has sold its Bishop’s Stortford industrial estate at Raynham Road to Universities Superannuation Scheme for just under £14m.
The industrial estate, originally purchased in 2001 by Howard Group, has undergone significant redevelopment as part of a proactive asset management initiative to drive additional value at the site. The fully-let 101,374 sq ft site, close to Stansted Airport and J8 of the M11, houses national occupiers including Screwfix and Edmundson Electrial.
The sale forms part of a wider portfolio restructure for Cambridge-based Howard Group, and follows the disposal of several other historic assets over the past three years.
Colin Brown, director of portfolio development at Howard Group, said: “Howard Group is well-equipped to identify opportunities and we’re not afraid to make bold acquisitions and disposals. The sale of Raynham Road to USS allows us to direct further funds and time into our substantial development programme featuring projects such as Mount Pleasant House and Unity Campus in Cambridge.”
The investment strengthens USS’s holding in Bishop’s Stortford, with the fund already owning the two adjoining estates on Raynham Close and Myson Way.
Andrew Pettitt, fund manager of industrial at USS, added: “USS’s increase in exposure to the industrial sector is in line with the fund’s wider strategy of acquiring well located, multi-let estates in the south east. In addition to the neighbouring estates, this new acquisition creates a single diverse industrial holding with real asset management potential.”