US investor adds to North West industrial portfolio
LBA Logistics has bought the 270,000 sq ft Broadfield Business Park in Heywood, Place North West understands.
The Greater Manchester Pension Fund put the asset up for sale with a £35m price tag in May. The purchase price was undisclosed.
US-headquartered LBA Logistics has emerged as the buyer, ramping up its presence in the region having acquired the 43,000 sq ft 1-4 Europa Way from Network Space earlier this year at a net initial yield of below 4%.
According to its website, LBA also owns the 88,000 sq ft 3 Roach Bank Road in Unsworth, Bury.
The nine-unit Broadfield is LBA’s largest North West deal to date. The asset sits on a 17.5-acre site and generates just shy of £2m a year in rent. The average rent is £6.48/sq ft.
Located in Heywood close to Junction 19 of M62, the multi-let business park last traded in 2017 when GMPVF acquired it for £24.5m.
Tenants include Martin-Brower UK, which occupies around a third of the lettable space, MW Fulfilment Services, and Alliance Disposables. Around 58,000 sq ft is vacant.
CBRE advised the GMPF and DTRE acted for LBA Logistics.
