Acting on behalf of CBREGI, CBRE’s Manchester Capital Markets team has sold Chester Trade Park to clients of IO Group for £2.45M, representing a Net Initial Yield of 6.90%.
The modern trade park, located on Bumpers Lane within Sealand Industrial Estate, is Chester’s premier location for trade counter occupiers. The estate comprises 8 units extending to 25,651 sq ft and is fully let at a total passing rent of £178,330 per annum to existing tenants including Screwfix Direct, Living Floors Ltd, GAP Plastics Ltd and Plumbase.
The 1.4 acre estate is just 2 miles to the south west of Chester city centre and forms part of Chester’s main trade counter and out-of-town retail destination. CBRE’s research indicates that the trade counter sector has grown into a well-established industrial property sub-sector which has performed well in the last 5 years, despite the recent economic downturn. Click and Collect internet sales are further driving expansion to safeguard the sector.
Robert Woods, Director at CBRE Manchester, commented;
“We are pleased to confirm the sale of one of Chester’s most prominent trade parks. Chester Trade Park is situated within an established location for trade counter occupiers and is already fully let to a mixture of high profile tenants, guaranteeing a sound annual revenue for the purchaser.”
CBRE acted on behalf of vendor. B8RE acted on behalf of the purchaser.
