Bruntwood sells in Trafford
Aviva Investors has paid £4.4m at a yield of 8.2% to buy Broadoak Business Park on Trafford Park from Bruntwood.
The estate comprises 14 units totalling 66,276 sq ft multi-let to tenants including Kier MG, furniture maker Neville Johnson and distribution company Rexel UK. The property provides a current passing rent of £385,000 a year.
John Hanson, director of national investment at Colliers International, advising Aviva, said: "Trafford Park is recognised as one of the premier industrial locations in the North West. The park benefits from a strong occupational market with businesses wishing to be located close to Manchester city centre and also benefits from excellent access to the M60. The estate has a strong history of tenant retention and offers good re-letting prospects. We are confident that this multi-let industrial investment offers Aviva Investors with the ability to add value through asset management."
Colliers advised Aviva Investors. Bruntwood was advised by Knight Frank.