Network Space claims Trafford Park industrial
Though sold for an undisclosed price, CBRE Investment Management had been seeking offers of more than £6.84m for four warehouse units off First Avenue.
Units 1-4 Europa Way share 45,000 sq ft between them and are leased to three tenants: Kluman & Balter, Great Places Housing Association, and Astra Signs. Situated on 2.6 acres, the estate claims a total passing rent of £291,714 per year and has a WAULT of 5.6 years.
At the £6.84m guide price, the park represented a net initial yield of 4%. It is understood that the estate was subject to a competitive bidding process, with Network Space Investment emerging the victor.
Network Space Investment’s acquisition is part of its strategy to acquire modern industrial sites in resilient locations. The company’s property portfolio also includes the nearby Guinness Circle estate.
Tom Dawson, Network Space’s investment director, teased that more acquisitions are to come.
“The current market uncertainty presented us with an opportunity to secure a prime estate with immediate reversion and the prospect of longer-term rental growth,” Dawson said.
“We will continue to focus on acquiring similar assets across the North West and Yorkshire. We believe the current pricing shift will present further opportunities to us”
Colliers acted for Network Space on the deal for Units 1-4 Europa Way, while CBRE represented CBRE Investment Management.
Colliers associate director Chris Ward described the acquisition as a “great value” that “also provides significant reversion from day one”.
“Despite wider market uncertainty, the competitive bidding process demonstrates continued investor demand across the sector, and we are pleased to have secured the investment on behalf of our client,” Ward said.
