A 12,837 sq ft industrial warehouse situated in a prime location in Trafford Park has changed hands for £2.91m.
Ryden LLP and B8 Real Estate have completed the sale at a significant premium on the asking price of £2.46m. The deal reflects a Net Initial Yield of 3.8%.
The modern detached warehouse is situated on a one-acre site on Fourth Avenue within ‘The Village’ area. It is let to Evri, previously known as Hermes, on a six-year lease expiring in June 2028 at a rent of £117,677 per annum. The property was sold on behalf of a private client while the buyer was a private property trust.
Joe Sinclair of B8 Real Estate commented: ‘Having advised the client throughout the full cycle of their business plan, we are delighted with the strong pricing achieved. The property was initially acquired off-market by our investment team. Our agency team then worked with the client to advise on a refurbishment programme and were able to sign up Evri as a tenant at a record rent for a second-hand property of this type.
“The deal represents a very successful outcome for the client and highlights the continued demand for good quality assets in core locations – particularly Trafford Park.”
The purchaser was represented by BHT. Ian Whittaker of Ryden LLP commented: ‘Despite some uncertain market conditions, it is reassuring and very pleasing to have achieved such a strong result for our client on this prime industrial investment in Trafford Park, showing demand for good quality bricks and mortar assets is still strong. It was a pleasure dealing with Jonathan Wade of BHT on the buyer side, who will no doubt have a happy client having acquired such an attractive and secure investment.’