Property investor snaps up industrial estate for £3m
AN industrial estate in Manchester has been sold to property investor Praxis for £3m, reflecting a net initial yield of 8.45%.
The deal for Littlemoss Industrial Estate was struck by CBRE’s Manchester Capital Markets team on behalf of CBRE Global Investors. Praxis was represented by Finn & Co.
The estate comprises 67,137 sq ft of modern manufacturing/warehousing accommodation win a secure self-contained 3.4-acre site in Droylsden’s established commercial area.
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.”