M7 Real Estate has bought the 57,900 sq ft Southmoor Park industrial scheme in South Manchester from CBRE Global Investors for £1.74m, a yield of 9.46%.
CBRE acted on behalf of the vendor of the seven-unit park, while GVA acted for the purchaser.
Southmoor Park forms part of the Roundthorn Industrial Estate. Roundthorn is home to several logistics and air freight companies, Europcar, Arriva North West and Air Cargo Services, due to the proximity to the airport. The seven Southmoor units include integrated offices and designated parking.
Robert Woods, director of capital markets at CBRE's Manchester office, said: "Southmoor Park presented an excellent opportunity for the purchaser to acquire a tenanted industrial scheme situated within an established and well-connected logistics hub in South Manchester. The deal signifies investor appetite for well positioned stock with strong covenants."