St Johns High Income Property Fund has acquired two units totalling 37,396 sq ft at Cheshire Green in a deal reflecting a net initial yield of 6%.
The two new-build units are let to PCO Group UK for ten years. Legat Owen and law firm Butcher & Barlow acted on behalf of a private client on the sale.
Located in Wardle, the Cheshire Green employment park has planning permission in place for 1.5m sq ft of industrial accommodation.
The estate has seen significant development over the last two years with numerous plots sold and those units that have been built out becoming fully occupied.
Ben Lamont, associate director at Legat Owen, said: “The sale represents a great example of a “cradle-to-grave” development.
“Legat Owen sold the development land, oversaw the construction of the development, secured both the lettings and completed the investment sale at a yield which reinforces the strength of the industrial investment market.”
Cheshire agency Legat Owen is joint agent on Cheshire Green with Fisher German.
The park is part-funded by the Cheshire and Warrington LEP, which provided £3.2m to unlock the first phase of development at the former airfield site. Cheshire Green Employment Park Ltd is headed by three directors, including Tilstone founder Andrew Bird.