M&G snaps up Stockport industrial for £23.8m
The 170,000 sq ft Stockport Trading Estate has changed hands for more than the £20.7m price tag.
M&G has bought the 11-unit scheme, located off Yew Street, from CBRE IM for £23.8m.
Will Collins, associate director in M&G’s UK industrial and logistics team, said: “We view Stockport as a very strong South Manchester location which offers compelling growth opportunities over the long-term.
“The estate has an established tenant line-up with strong occupational interest in the one remaining vacant unit.”
Close to Stockport Pyramid and spanning 11 acres, the industrial complex is let to Tyco Fire Products Manufacturing and Booker, among others.
Stockport Trading Estate has a WAULT of more than six years to expiry. Rents at the complex currently top out at £12.50 but it is estimated there is room for rental growth if the units were to be refurbished.
CBRE IM appointed CBRE to find a buyer for the asset in January, with bids of £20.7m sought.
When Metrolink comes through this site it will be a game changer!
By Ram Tailor
Great. As long as it creates many jobs & it’s not a ‘White Elephant’.
By Evie