Independent property consultant Nolan Redshaw has agreed the sale of Southgate Industrial Estate to a private property trust on behalf of its client Tigwood Properties.
Situated in Heywood, North Manchester, the industrial estate comprises 65,951 sq. ft. of warehouse accommodation, with a current occupancy level of 85.7 per cent. Present occupiers include: AAH Pharmaceuticals, Partners in Packaging Machine Systems, Granada Batteries, Sensor Technologies UK and Junair Group.
The £1,000,000 deal represents a net initial yield of 12.27 per cent.
Neil Higson at Nolan Redshaw commented; “This sale shows that confidence is returning in the investment market and supports the recent underlying demand for well-let, multi-industrial investments, of which there is currently limited supply on the open market.”
This transaction follows the recent acquisition of Bracken Trade Park, Bury, where Nolan Redshaw acted on behalf of a private client to secure a £2.2m deal.
