Property company Marnshaw has acquired the Bridge Trading Estate in Bury from the Canal & River Trust for a headline consideration of £2.2m.
Bridge Trading Estate is a 49,880 sq ft multi-let industrial property with a rental income of £156,000 but with the potential to increase the income up to £231,000.
Accessed from the A58 Bolton Street, it is situated next to the River Irwell and comprises ten units let to nine different tenants, including Veolia and plumbers merchant Wolseley UK.
The transaction represents a net initial yield of 6.7% but with a reversionary yield of around 10%. Offers in excess of £1.9m were invited.
Roger Hannah & Co advised Marnshaw. Director Simon Cook described the deal as an “excellent acquisition” for Marnshaw, adding that it “gives them the prospect to maximise the potential of the investment and to hopefully increase the yield to a figure in excess of 10%”.
“This is a real asset management opportunity. Roger Hannah & Co will be managing the investment so it is a great opportunity for us to stay involved in the project.”
Sanderson Weatherall acted for the Canal & River Trust.