Industrial unit changes hands in multimillion-pound deal

A West Lancashire industrial unit has been acquired from Newton-le-Willows-based Network Space by a private investor.

The 23,012 sq ft single let building on Pimbo Industrial Estate, Skelmersdale, was acquired by Manchester-based property consultancy, Edwards, on behalf of the client. It had been marketed by B8RE for £2.8m, reflecting a net initial yield of around 5.75%.

The building is fully let to RMD Kwikform.

Oliver Rowe, director of Edwards, said: “This was a unique opportunity to purchase a highly reversionary asset with low site coverage in one of Lancashire’s premier commercial locations.

“The area continues to improve and will benefit from further inward investment, with Henry Boot due to develop a speculative 245,000 sq ft logistics warehouse next door.”

He added: “This significant competition to secure this asset is a strong example of the resilience of the industrial investment market, a sector we continue to be very active in.”

Tom Dawson, managing director at Network Space Investments, said: “With a lack of stock in the market and continued demand for value add opportunities, we’ve timed the disposal with a well run marketing campaign to generate strong interest and competitive bidding for this opportunity.

“We’re very pleased with the pricing that’s been achieved, which is ahead of our business plan and we will be looking to reinvest the proceeds into new industrial value-add opportunities in the coming months.”

B8RE acted for Network Space.