£2.9m sale price of Trafford Park industrial unit shows strength of the market

The sale of a Trafford Park industrial warehouse at a significant premium on the asking price shows the strength of the market, says an adviser.

An 12,837 sq ft unit, situated in a prime location in Trafford Park, has changed hands for £2.91m, compared with an asking price of £2.46m.

Ryden and B8 Real Estate completed the sale, which reflected a net initial yield of 3.8%.

The modern detached warehouse is situated on a one-acre site on Fourth Avenue within ‘The Village’ area.

It is let to Evri, previously known as Hermes, on a six-year lease expiring in June 2028, at a rent of £117,677 per annum. The property was sold on behalf of a private client, while the buyer was a private property trust.

Joe Sinclair, of B8 Real Estate, said: “Having advised the client throughout the full cycle of their business plan, we are delighted with the strong pricing achieved.

“The property was initially acquired off-market by our investment team.

“Our agency team then worked with the client to advise on a refurbishment programme and were able to sign up Evri as a tenant at a record rent for a second-hand property of this type.

“The deal represents a very successful outcome for the client and highlights the continued demand for good quality assets in core locations – particularly Trafford Park.”

The purchaser was represented by BHT.

Ian Whittaker, of Ryden, said: “Despite some uncertain market conditions, it is reassuring and very pleasing to have achieved such a strong result for our client on this prime industrial investment in Trafford Park, showing demand for good quality bricks and mortar assets is still strong.”