Stakehill changes hands

Commercial Estates Group has acquired the multi-let Stakehill Industrial & Distribution Park in Middleton from Aviva for an undisclosed sum.

The industrial estate, eight miles north east of Manchester city centre, contains 39 buildings totalling 772,000 sq ft on 54 acres. The portfolio generates £2.7m rental income a year from 30 separate tenancies with an average of nearly five years left on their leases.

The estate has a 14% void rate and was described in sales material as having 'numerous asset management opportunities.'

Agents said the sale by Aviva, following Segro's disposal of Heywood and Trafford Parks, shows the continued attraction of Greater Manchester's industrial market to investors.

Stakehill is understood to have fallen short of its guide price of £28m, which would have reflected a net initial yield of 9%.

DTZ advised Aviva. WHR acted for CEG.

All parties declined to comment.