Lothbury buys at Trafford Park

Lothbury Investment Management has bought a multi-let estate on Trafford Park from Harbert Management Corporation for £19.25m, at a yield of 5.75%.

Premier Park was built by Segro and completed in 2008, with 21 industrial units totalling nearly 200,000 sq ft. There are 12 tenants on site, with three units currently void.

Units range from 4,724 sq ft to 15,640 sq ft, generating income of £1.14m a year. Rents are charged at between £5.50/sq ft to £7.40/sq ft.

Tenants include the BBC, Indesit, Selecta UK and KCI Medical.

Lothbury is an independent investment manager of property unit trusts, with £1.5bn assets currently under management.

Mike Toft, fund manager and director at Lothbury Investment Management, said: "We are very pleased to have secured Premier Park, which will join our core portfolio of assets. It has been our intention to invest in the area for some years and this purchase is a strategic, long-term buy that will deliver us secure income and excellent rental performance."

JLL advised Lothbury Investment Management; DTRE advised Harbert.