Strong Demand Post-Brexit for Multi-let Investments

Post-Brexit demand remains strong as another multi-let industrial estate transaction is completed.

 B8 Real Estate, acting on behalf of LaSalle Investment Management, have sold a 174,569 sq ft multi-let industrial estate on Gorrells Way, Rochdale.  The property was purchased by PGIM Real Estate for £6,925,000, reflecting a net initial yield of 8.0%.

Transpennine Trading Estate comprises an established, fully let estate of 16 units with an AWULT of 4.35 years to expiry (2.55 years to break). John Burrows of B8 Real Estate commented, ”We are pleased with the good level of interest this property generated post-Brexit.   The sale shows investor demand remains strong for older estates with good fundamentals and which offer the opportunity to be refurbished, particularly given the continued supply shortage of new build / modern estates.”

PGIM Real Estate were represented by WHR.


Halton Council Completes Industrial Portfolio Sale

Halton Borough Council has completed to the sale of a trio of industrial estates in Widnes and Runcorn to Northern Trust.

The portfolio consists of multi-let, small industrial units at Oldgate and Marshgate, St Michaels Industrial Estate in Widnes and Dewar Court at Astmoor in Runcorn.

It totals 85,254 sq ft across 45 units and was purchased for £3,755,000 representing a NIY of 7.11%.

John Burrows of B8 Real Estate said: “The estates offer good quality accommodation with opportunities for asset management.

“We are pleased by the strong demand the asset generated post-Brexit and it is testament to the growing importance of Runcorn and Widnes as an industrial location within the North West.”

Tom Parkinson, Director at Northern Trust commented “We have been long term investors in the Halton borough and are pleased to have secured this acquisition which complements our existing ownership in the region,”

“We continue to look for opportunities to grow our portfolio in all our trading regions across the Midlands, North West, North East, Yorkshire and Scotland.”

Halton Borough Council were represented by B8RE.

Northern Trust were unrepresented.