Warrington warehouses sold for £3.3m

Property consultants Scott Frazer have completed the purchase of Europa Court in Europa Boulevard on behalf of private clients.

The three warehouse units totalling 62,323 sq ft, each with integral two-storey offices and constructed in 2002, were purchased for £3.288m at a yield of nearly 10%.

Andrew Frazer said: "This investment was attractive to our client, having a strong tenant profile, of quality construction and superior location. Tenants include National Grid Gas and DHL Express. We are actively seeking similar property across the North West for retained clients."

Both vendor and purchaser chose to remain confidential.

Frazer added: "The property investment market in the North West is still intermittent but there are deals being concluded. Available stock has increased in recent months with vendors being more realistic on pricing. The banks are still keeping tight control on gearing, pushing some investors out of the market for the time being. Existing lenders also often appear to be 'sat on the shoulder' of most current stock availability, controlling the pace of the market and pricing. There is still demand from investors for quality stock with good covenants at the right yield."