ING Real Estate Investment Management (ING REIM) has acquired the final phase of Beva Investments' Merlin Park, a 126,000 sq ft speculative industrial scheme in Trafford Park, for £11m, reflecting a net initial yield of 6.2%.
Phase two comprises three units ranging from 30,000 sq ft to 62,000 sq ft and will be available on a leasehold only basis from £5.45/sq ft. The units are currently under construction and are due to be ready for occupation by the end of September.
Rick Davies, of Davies Harrison, who represented ING REIM, added: "This was a tremendous opportunity for ING as Merlin Park is one of the most prominent and unique industrial estates in the area. Beva Developments had phenomenal success in the first phase of this scheme where only one unit now remains available. Merlin Park has been one of the most popular new-build schemes in Trafford Park over the last 18 months and we have already had a great deal of interest in the new units."
Acting on behalf of his client, Beva Investments, Mark Williams of WHR Property Consultancy, said: "This sale shows that there is a strong demand from institutional funds for prime sites in Trafford Park. The size of the units and exceptionally high quality of accommodation available meant that the scheme attracted a great deal of interest from other funds keen to acquire this major investment."
Davies Harrison and WHR have been retained as the joint letting agents.