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.’
