Industrial park sold for £13.75m

GLOBE Industrial Park in Dukinfield, Greater Manchester has been sold for £13.75m.

Collingwood Rigby and CBRE’s Manchester Capital Markets team, acting on behalf of CBRE Gloval Investors sold the 543,983sq ft park to Paloma Capital, reflecting a net initial yield of 9.05%.

Globe Industrial Park is a 22-unit, multi-let industrial estate located on an extensive 29-acre site in the established North West industrial and distribution hub of Dukinfield.
 
Existing occupiers include Turner Bianca, Parker International Limited and UK Power Reserve Limited, generating a current total annual passing rent of about £1.30m.

The site has a long industrial history and was originally used for railway sidings and a carriage and wagon works. Extensive refurbishment works have been carried out in recent years at the Park to maintain a high standard of accommodation over the broad range of unit sizes.

Rob Woods, director of Capital Markets at CBRE’s Manchester office, said; “Globe Industrial Park has particularly strong tenant retention and offers excellent opportunities to drive future rental income through active asset management.

“The sale confirms the growing demand for well positioned industrial accommodation close to Manchester City Centre as the weight of demand and limited supply in the North West region creates upward pressure on rental levels.”

Paloma Capital was represented by Savills.