Patrick buys Sainsbury’s Middleton depot

Patrick Properties has bought a 190,000 sq ft Sainsbury's warehouse on Stakehill Industrial Estate for £6.8m from the Prudential, reflecting a net initial yield of 9.45%.

Sainsbury's has 12.5 years left on the lease at a rental of £680,000 a year.

Andrew Dickman of Cheshire-based Patrick Properties commented: "We already have a strong industrial portfolio and this property fitted our requirements perfectly as we were looking to acquire buildings in established industrial locations. We are planning to expand our existing portfolio and are considering a number of other potential acquisitions not only throughout the North West but also the rest of the country."

Mark Williams of WHR Property Consultants, who acted on behalf of Patrick Properties, adds: "This was an excellent opportunity to acquire a substantial industrial building with a first class covenant, which is rare – even in this market."

NB Real Estates advised Prudential.