Wynnstay Properties buys Petersfield property for £3.8m

Wynnstay Properties has exchanged contracts for the acquisition of a freehold multi-let trade counter estate comprising units 10-15 at Petersfield Business Park in Petersfield, it announced on Wednesday, from Friars House Investments for £3.83m.

The AIM-traded firm said the total acquisition cost of £4.1m, which includes stamp duty and other acquisition costs, would be funded from existing cash resources and debt facilities.

It said the estate was fully let, and produced a current rent of £203,592 per annum.

“We are pleased to have secured the Petersfield property for the Wynnstay portfolio in a keen bidding process,” said chairman Philip Collins.

“It provides a good fit with our other assets in Hampshire, Surrey and Sussex, in terms of size, lease profile and tenant mix.

“We hope that there may be possible opportunities to build on our presence in Petersfield in due course although this will take time and effort in the current market conditions.”