B8 Real Estate, acting on behalf of LaSalle Investment Management, has sold the 174,600 sq ft multi-let industrial estate on Gorrells Way, Rochdale.
Transpennine Trading Estate was purchased by PGIM Real Estate for £6.925m, reflecting a net initial yield of 8.0%.
The estate is fully let across its 16 units with an average unexpired lease length of 4.35 years. John Burrows of B8 Real Estate commented: ”We are pleased with the good level of interest this property generated post-Brexit. The sale shows investor demand remains strong for older estates with good fundamentals and which offer the opportunity to be refurbished, particularly given the continued supply shortage of new build modern estates.”
PGIM Real Estate was represented by WHR Property Consultants.