Prestwich industrial estate sells for £6m
7 January 2008 15:55
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Mountheath Industrial Estate in Prestwich, Manchester, has been sold by Bolton-based Townson Estates for £6.25m to private investors, reflecting a net initial yield of 2.3%.
The 132,000 sq ft estate covers 12.68 acres with a further 5.7 acres of undeveloped land.
John Lafferty of King Sturge, advising Townson, said: "Despite the current uncertainty in the capital markets, well-let property in popular locations is still selling and Mountheath is testimony to this. The development 'angle' provides the new owners with the opportunity to expand and further improve the investment, which I feel was the key to the transaction. Naturally, we are delighted with the outcome."
Piccadilly Partnership acted on behalf of the purchaser.
