Angle Property has made its first acquisition of 2021 for the Angle Opportunity Fund.
The purchase of Brook House on Cain Road in the established Western Industrial area of Bracknell was completed with the simultaneous surrender of the lease by Vodafone, less than two months after agreeing terms.
The property comprises approximately 21,600 sq ft on 2.4 acres with substantial car parking and yard provision. Angle will fully refurbish the property to provide a low density B1/B8 unit suitable for a wide range of uses, including urban logistics., and have instructed Haslams to market the property.
The Angle Opportunity Fund is a new discrete fund, established and managed by Angle Property to acquire planning and development opportunities within London and the South-East. Angle will seek to create strong investment returns using its skills to secure valuable planning consents or unlock development potential and subsequently sell completed projects, typically within 1 to 3 years. The initial focus will be on assets in the £2-5m lot size range with an ambition to grow the portfolio and transaction size. Acquisitions are funded without 3rd party debt enabling Angle to act quickly on unconditional opportunities.
Bracknell is prominently situated in the heart of the Thames Valley and has established itself as a major economic centre in the South East. Bracknell benefits from excellent connectivity, both domestically and internationally, a key contributing factor to its popularity amongst international companies.
James Good, Director of Angle Property, said: “We are very pleased to have completed this exciting off-market purchase in such a strong location and with great potential to meet current occupier needs in the industrial & warehouse sector. It is our first purchase of 2021 and first deal for the Angle Opportunity Fund which we are keen to grow with suitable opportunities.”
Since formation in 2011, Angle has acquired 22 properties and invested over £155m of equity in a wide range of property opportunities with a combined GDV of over £500m.