Trafford Park property sold for almost £5m
A multi-let industrial estate in Trafford Park in Manchester has been sold by Aviva Investors to Schroders for nearly £5m.
The 64,924sq ft property adjacent to the Parkway Circle roundabout was offloaded by B8 Real Estate, acting on behalf of Aviva to The Schroders MLIPUT for £4.97m, reflecting a net initial yield of 6.24%.
Parkway 4 Trading Estate comprises a fully let estate of three detached units with an AWULT of 8.5 years to expiry (4.4 years to break).
John Burrows of B8 Real Estate said: “We are pleased with the extremely strong level of interest generated, resulting in a host of bids being received for the property.
“The strength of the offers submitted highlights continued investor demand for prime assets against a supply shortage of good quality industrial properties.”
Schroders MLIPUT were represented by Cushman & Wakefield.