A private investor fund managed by JLL has acquired a 103,000 sq ft distribution unit let to Parcelpoint on Stakehill Industrial Estate in North Manchester from private investor Ventnor for £5.73m.
Parcelpoint's lease, which is guaranteed by Shop Direct Holdings, expires in April 2022. The purchase price reflects a net initial yield of 6.70%, with a reversion of 7.2%, following a fixed uplift in 2017.
Simon Wood, investment partner at B8 Real Estate, acted on behalf of Ventnor. He said: "The sale generated a huge amount of interest which reinforces the confidence in the regions for viable long-term investments in the industrial sector."
The purchaser was represented by the Manchester office of JLL.