Acting on behalf of CBRE Global Investors, CBRE’s Manchester Capital Markets team has sold Littlemoss Industrial Estate in Manchester to Praxis for £3M, reflecting a Net Initial Yield of 8.45%. Praxis was represented by Finn & Co.
Littlemoss Industrial Estate comprises 67,137 sq ft of modern, well-configured manufacturing/warehousing accommodation within a secure self-contained circa 3.4 acre site. The estate is situated within Droylsden’s established commercial area, just two miles from Junction 23 of the M60.
Existing occupiers include VOW Europe Limited, CL Trading Limited and Wisla Narrow Fabrics Limited and the estate generates a total annual passing rent of £267,510.
Rob Woods, Director of Capital Markets at CBRE’s Manchester office, said:
“We are delighted to represent CBREGI in the sale of Littlemoss Industrial Estate to Praxis. The property offers excellent asset management opportunities with significant reversionary potential to add value to the property in the future. The sale signifies continued strong investor appetite for well positioned industrial accommodation in Manchester with strong rental growth prospects.”