In a sign of a continuously strong industrial market, three warehouses with a combined 190,000 sq ft have been sold at Airport City, Rochdale and Preston Brook.
MAG Property sold the 37,400 sq ft DHL Global Logistics facility at Airport City Manchester to HPPUT, a fund managed by Helix Property Advisors, for £7.68m. The deal reflects a net initial yield of 4.64%. Savills acted for the vendor while ADS Real Estate represented the purchaser.
In Rochdale, the Crown Oil Executive Pension Fund has sold Park Mill, a 53,000 sq ft manufacturing and distribution unit, to the British Millerain Company for around £2.5m. Crown Oil was represented by BC Real Estate, the recently launched industrial consultancy set up by John Barton and Gary Chapman, both formerly of WHR.
Acting on behalf of Brake Brothers, Cushman & Wakefield has disposed of a 99,000 sq ft warehouse on Astonfields Road, Whitehouse Vale Industrial Estate in Preston Brook. MCR Property bought the unit for £1.3m and plans to carry out a refurbishment and reconfiguration of the property to provide 77,000 sq ft of warehouse and production space.