Schroders to expand airport trade park
Schroder Real Estate Investment Trust has paid £17.25m to buy Stanley Green Trading Estate and a three-acre development plot in Cheadle from MAS Real Estate, reflecting a blended net initial yield of 5.2%.
The freehold estate and neighbouring development site are located at the junction of the A34 and the A555, the recently completed Manchester Airport Eastern Link Road.
The estate comprises 150,000 sq ft across 14 units on a nine-acre site and is fully let to 13 tenants generating a total annual rent of £960,000 at an average of £6.55/sq ft. The estimated market rental value is £1.25m a year and the average unexpired lease term, assuming all tenant breaks are exercised, is three years. Schroders said 97% of the rent due during the pandemic has been collected.
The development site was valued at £2.85m in the deal. The site has historic consent for 48,000 sq ft of trade counter and warehouse space and is allocated for industrial development in the local plan. Schroders plans to develop a trade centre and warehouse units during 2021.
Existing occupiers include Apex Self Storage, Howden Joinery, Screwfix and Toolstation.
CBRE advised Schroders.
Since when was Stanley Green an ‘Airport ‘ Trade Park?. It is closer to Poynton than Ringway.
By Stanley Green
Well done CBRE!
By Nick
Classic CBRE. It was valued at £14m
By Ramping