Unit 69, Stakehill Industrial Estate, Middleton, Manchester
A late-1980s, 103,000 sq ft distribution warehouse located on the established Stakehill Industrial Estate, Manchester. The property was acquired in April 2007 from Warner.
The property was let to S P Tyres with 3.5 years unexpired at £460,000 per annum. S P Tyres were not in occupation and a surrender premium was successfully negotiated.
The building was then refurbished and re-let to Royal Mail and subsequently Yodel on a lease expiring in April 2022. The investment was recently sold to AUB UK Commercial Property Income Fund for a price reflecting a net initial yield of 6.7%.
The deal demonstrates our ability to acquire off-market opportunities, see through a detailed business plan in what was an extremely challenging market and carry out a successful disposal, taking advantage of a much improved and indeed buoyant market.
Type: Industrial Investment Sale
Tenancy: Let to Yodel Home Delivery Network with 7.5 years unexpired