Quorum sells industrial portfolio for £18.25m

Quorum Estates has sold its industrial property portfolio to warehouse investment specialist Warehouse REIT plc for £18.25m in an off-market deal, reflecting a net initial yield of 7%.

It comprises seven properties which are: Road One, Winsford, Cheshire (78,178sq ft warehouse); Parkway Zone 2, Deeside Industrial Estate, Chester (60,081sq ft production facility); Quantum Park, Manchester (46,507sq ft trade counter); Europa Industrial Estate, Manchester (40,000sq ft warehouse); Wardley Industrial Estate, Salford (38,901sq ft warehouse); Linkway Industrial Estate, Middleton, Greater Manchester (48,074sq ft warehouse); and The Oakfield Centre, Sharston, Manchester (14,513sq ft warehouse).

Paul Wardle, managing director of Altrincham, Greater Manchester-based Quorum said: “Quorum has always been very active in the North West industrial sector and this portfolio was selectively built up over the last 20 years.

“We made the decision to take advantage of the current buoyant industrial investment market and the capital will provide us with the opportunity to actively expand our existing office portfolio as well as to acquire new industrial stock.”

The sale comes on the back of a highly active 12 months for Quorum. Last year saw the completion of Stockport Homes new 50,000sq ft office headquarters building and the acquisition, letting and funding of over 200,000sq ft of industrial building and development land with Cabot Properties Inc in Crewe.

Andrew Stewart of Stewart Montrose acted for Quorum.

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