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A fully-let trade park in Stoke-on-Trent is under new ownership after being acquired by an industrial property company.

Stenprop has bought Tunstall Trade Park from Derbyshire-based Clowes Developments in a deal worth almost £6 million.

Earlier this month, the final warehouse on Tunstall Trade Park – which is made up of eight units totalling 56,500 sq ft – was let to technology repair and insurance business Assurant.

The company has taken on a 30,000 sq ft building at the bottom of the Brownhills Road site and will relocate from its existing base in Newcastle-under-Lyme next year.

Will Lutton, head of investment at Stenprop, said: “Despite the ongoing macro-economic uncertainty, this latest acquisition demonstrates our ability to source attractive investment opportunities, both on and off market, in locations underpinned by favourable demand supply dynamics.”

London-based Stenprop has also recently acquired the Excelsior Industrial Estate in Glasgow for £5.2 million from CBRE GI.