Investor flips Manchester shed
A PRIVATE investment fund managed by JLL has paid £5.7m for a unit on Stakehill Industrial Estate, North Manchester.
The 103,000 sq ft building in Middleton is let to Shop Direct subsidiary Parcelpoint with a lease that runs until 2022.
The building has been sold by Ventnor which bought it in January for around £4m. The disposal represents a a net initial yield of 6.7%.
Simon Wood of B8 Real Estate acted for Ventnor. He said: “The sale generated a huge amount of interest which reinforces the confidence in the regions for viable long term investments in the industrial sector.”
The purchaser was represented by the Manchester office of JLL.
