DTZ Investors Sells Canon Industrial Estate in Milton Keynes to Chancerygate for £28M

DTZ Investors has completed the sale of Canon Industrial Estate, a 191,971-sq-ft multi-let industrial estate in Wolverton, Milton Keynes, to Chancerygate for approximately £28m, reflecting a capital value of around £147 per sq ft. Newmark advised DTZ Investors on the disposal, while Cushman & Wakefield acted on behalf of Chancerygate.

Deal Details and Asset Profile

Canon Industrial Estate sits on a 12.35-acre site in Wolverton, approximately four miles north of Milton Keynes city centre. The estate comprises 29 units totalling 191,971 sq ft and is let to 22 tenants, with an average weighted unexpired lease term of 2.3 years to break and 3.8 years to expiry at the time of sale.

DTZ Investors originally acquired the estate in 2019 for £18.09m at a net initial yield of 5.01%, when the property was let to 28 tenants across the same 29 units. Over the approximately seven-year hold period, the headline sale price of £28m represents an increase of roughly £9.9m, or approximately 55%, against the original acquisition cost before transaction costs.

Seller Commentary

Jo Jackson, Associate Director at DTZ Investors, said: "We are very pleased to have successfully completed the sale of Canon Industrial Estate, Milton Keynes. The sale crystalises a strong outcome for our client, having acquired the asset back in 2019. The sales campaign was well received by the investment market and attracted strong investor interest."

Market Context

The transaction comes against a backdrop of a stabilising UK industrial and logistics market. Prime big-box rents stood at approximately £11.90 per sq ft as of mid-2025, up around 5.2% year-on-year, supported by constrained Grade A supply. At the same time, vacancy across the broader UK industrial sector has risen to around 7.5%, above the ten-year average of approximately 4.6%, softening the acute landlord's market conditions that characterised 2021 and 2022 without reversing longer-term rental growth trends.

The 2019 entry yield of 5.01% sits close to current prime industrial yields, indicating that DTZ Investors' return over the hold period was driven in meaningful part by rental growth and asset management activity rather than yield compression alone. The sales process attracted strong investor interest, according to DTZ Investors, underscoring continued demand for well-located, multi-let industrial assets in established markets.

Buyer and Advisers

Chancerygate, a UK industrial developer and investor with a focus on multi-let estates and logistics parks, acquired the asset. Cushman & Wakefield represented Chancerygate in the transaction. Newmark acted for DTZ Investors on the disposal.

Sources: DTZ Investors