Acting on behalf of CBRE Global Investors, CBRE’s Manchester investment team has sold Chester Trade Park to clients of IO Group for £2.45m, representing a net initial yield of 6.90%.
The 1.4-acre trade park south of Chester city centre is located on Bumpers Lane within Sealand Industrial Estate. The estate comprises eight units extending to 25,651 sq ft and is fully let at a total passing rent of £178,330 a year to existing tenants including Screwfix Direct, Living Floors, GAP Plastics and Plumbase.
Robert Woods, director, CBRE Manchester: “We are pleased to confirm the sale of one of Chester’s most prominent trade parks. Chester Trade Park is situated within an established location for trade counter occupiers and is already fully let to a mixture of high profile tenants, guaranteeing a sound annual revenue for the purchaser.”
CBRE acted on behalf of vendor. B8RE acted on behalf of the purchaser. IO Group is backed by Grosvenor.