Trident Business Park St Modwen

St Modwen brings industrial park to market

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.

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