Skem shed sold for £5m

1 November 2017 13:40 Comments (0)

Acting for Lancashire property company Luqhar, B8 Real Estate has completed the purchase of a 76,000 sq ft industrial building on Pimbo Industrial Estate, Skelmersdale for £5m, reflecting a yield of 6.1%.

The property was marketed by Roy Backhouse & Co on behalf of the former owner, tenant Flowtech Fluidpower, which has agreed a lease expiring in November 2031.

John Burrows of B8RE said: “The property represented an excellent opportunity to acquire a modern, well-let investment, offering long-term income to a strong covenant. The tenant has recently committed themselves to the property for a further 15 years and are currently in the process of undertaking further enhancement works.

“Investor demand for modern distribution units continues to be strong, particularly for those let to good, well recognised covenants with medium term income security. Activity has been limited however due to a lack of supply within the North West market.”