Rockspring’s Hanover Property Unit Trust has bought the freehold of the Wollaston Industrial Estate in Basildon from Standard Life.

The trust, advised by Caisson Investment Management and represented by Montagu Evans, bought the freehold for over £5m at a net initial yield of 8.75%.

Wollaston Industrial Estate is a 130,000 sq ft property comprised of multi-let units of between 2,000 and 20,000 sq ft.

Rockspring’s Paul Crosbie says: “This acquisition continues our strategy of seeking multi-let industrial assets which require specialist asset management.  The estate has great potential and, with some careful asset management to bring added value, we expect it to perform well.”

Caisson Investment Management’s Mark Bowden said: “Historically, Basildon has always done well as a multi-let industrial location. We expect, once we have put our asset management plan in place, to revitalise the estate, bring back tenants and enhance the asset’s underlying value by focussed active asset management.”

Standard Life was advised by Strutt & Parker.

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