Chancerygate Acquires 192,000-Square-Foot Canon Industrial Park in Milton Keynes From Strathclyde Pension Fund
Chancerygate has acquired Canon Industrial Park in Wolverton, Milton Keynes, a 29-unit multi-let industrial and trade counter estate spanning 192,000 square feet across 12.36 acres. The seller was Strathclyde Pension Fund, managed by DTZ Investment Management. The transaction was priced at approximately £28 million, or roughly £147 per square foot.
Property and Tenancy Details
Canon Industrial Park sits off Old Wolverton Road, approximately three miles from Milton Keynes city centre, with direct access to the M1 motorway linking central London, the South East and the Midlands. The estate's 29 units range in size from 2,278 square feet to 13,553 square feet and are currently occupied by 22 tenants, providing income diversification across national and local businesses.
Named occupiers include national commercial kitchen supplier Howdens, national builders' merchant Travis Perkins, bathroom and kitchen retailer Bath Depot, and window and door manufacturer Eurocell. At the time of sale, the estate carried an average weighted unexpired lease term of 2.3 years to break and 3.8 years to expiry.
Chancerygate's Investment Rationale
Simon Cowley, Chancerygate's head of investment management, described the estate as well-suited to the firm's regional multi-let industrial strategy. "Canon Industrial Park represents an attractive opportunity to acquire a well-established logistics and MLI estate, with a diverse income from a strong base of national and local occupiers," Cowley said.
"The strength of tenant demand across the scheme makes it particularly well suited to Chancerygate's investment strategy, which is focused on securing leading regional MLI assets. We see a number of opportunities to enhance the asset and generate additional value, from capturing near-term rental growth to progressing refurbishment opportunities across the estate," he added.
The acquisition is structured as a value-add play. The short lease profile — with breaks and expiries arising within the next two to four years — creates opportunities to reset rents toward current market levels or refurbish units between tenancies. A sustainable refurbishment of Unit 15A on Deans Road was completed in 2023, indicating that individual unit upgrades have already been undertaken within the estate.
Market Context: Milton Keynes Industrial Sector
Milton Keynes has remained an active industrial and logistics market owing to its position on the M1 corridor. Prime standard industrial rents in the area rose approximately 4% to 5% during 2025, reaching around £14.75 per square foot. That rental growth underpins the reversion potential that Chancerygate cited as a driver of the acquisition.
At the same time, Milton Keynes industrial availability stood at 9.3% at the end of 2025, a rate above some competing Midlands markets. Across the United Kingdom, industrial rents rose at an annual rate of 4.45% in the year to April 2026, though forecasts pointed to a moderation toward approximately 2.4% growth for the full year. Knight Frank reported a UK industrial equivalent yield of 6.22% at the end of March 2026, with the national industrial vacancy rate reaching 8.3% in the first quarter of 2026, up from 7.5% at the close of 2025.
Against that backdrop, the 29-unit format of Canon Industrial Park spreads income risk across a broad occupier base, while the presence of nationally recognized tenants such as Howdens, Travis Perkins and Eurocell provides covenant diversity within the rent roll.
Background on the Seller
Strathclyde Pension Fund, through its manager DTZ Investment Management, had held Canon Industrial Park since 2019, when the estate was acquired for £18.09 million at a net initial yield of 5.01%. The sale to Chancerygate at approximately £28 million represents a significant increase in capital value over that holding period.
The transaction adds a stabilized, income-producing regional industrial asset to Chancerygate's portfolio as the firm continues to pursue multi-let industrial acquisitions across the United Kingdom.
Sources
Chancerygate — Canon Industrial Park acquisition announcement