Wigan industrial site sold at 8% yield

Independent surveyors Nolan Redshaw have negotiated the sale of Millingford Industrial Estate in Golborne on behalf of Cumbernauld-based CNC Property Management.

The seven-acre estate was sold to a Wigan-based property investment company for a price in excess of £2.1m. The deal represents a net initial yield of approximately 8%, rising past 10% within six months.

Paul Nolan, director of Nolan Redshaw, said: "Once instructed by CNC to sell the property, we identified several interested parties. This allowed us to bring proceedings to a close quickly. The yield achieved clearly shows that there is an appetite for investments of this level in the industrial property market."

Nolan Redshaw has been retained as sole letting agent for the site on behalf of the new owner and will also manage the site through its property management service.