Walton Summit warehouse sold for £2.3m

Acting on behalf of a client of F&C REIT, Cushman & Wakefield has sold an 86,155 sq ft industrial warehouse near Preston for £2.3m to Karlin Real Estate, reflecting a net initial yield of 12.5%.

The self-contained building in Walton Summit Industrial Centre is fully let to Prestoplan, a subsidiary of Taylor Wimpey, until January 2016.

Chris Brown, associate director of C&W’s Northern logistics and industrial team, said: “We had a great deal of interest in this building, which presented a rare opportunity to acquire a large short term let warehouse in a strategic location. The fact that the current tenant has less than nine months remaining on its lease allows the new owners the opportunity to work the asset to maximise its value in the long term and ultimately this is what generated the interest we had.”