St Modwen has instructed investment agents at Lambert Smith Hampton to dispose of Trident Business Park in Birchwood, setting the asking price at £8.75m, which would reflect a net initial yield of 7.73%.
Trident totals 194,658 sq ft across 50 units on 18.5 acres. The occupancy rate is strong at 95% and current passing rent is £721,431 a year.
St Modwen acquired the park in 1991 and undertook a comprehensive redevelopment of the former maintenance to depot to create a modern business estate.
The industrial market is typified by a lack of new space in the Warrington area, helping to push up rents. Overall availability stands at 11%. In response, London Metric and Miller Developments recently announced plans to speculatively develop 356,000 sq ft at Omega. Patrizia set a new record rent on a 13,680 sq ft unit at Cavendish Place, less than one kilometre from Trident; £6.75/sq ft to Energetics Networked Energy on a 15-year lease.
LSH is the sole agent.