A Private Investor Fund, Investment Managed by JLL have acquired a distribution unit on Stakehill Industrial Estate in North Manchester from private investor, Ventnor.
The building comprises a detached high quality distribution unit of 103,000 sq ft and is let to Parcelpoint Limited (guarantee by Shop Direct Holdings Limited) with a lease expiry in April 2022. The purchaser paid £5,730,000 for the investment reflecting a net initial yield of 6.70%, with a reversion of 7.2%, following a fixed uplift in 2017.
Simon Wood of B8 Real Estate, who acted on behalf of Ventnor on the investment sale, said:
“The sale generated a huge amount of interest which reinforces the confidence in the regions for viable long term investments in the industrial sector”.
The purchaser were represented by the Manchester office of JLL.