WUKPG acquires 118,000 sq ft Burnley industrial
Western UK Property Group has exchanged contracts for the unit at Network 65 Business Park, part of the Tricolore portfolio.
WUKPG has agreed to acquire the 118,000 sq ft factory for £4.75m, with completion of the deal expected before Christmas. The current owner is Zurich Assurance, according to Land Registry.
Jet engine manufacturer Paradigm Precision Engineering occupies the unit on a 10-year lease expiring in February 2028. The tenant pays £475,000 in rent annually.
“We intend to keep the property in our investment portfolio, having acquired at a 10% yield with asset management opportunities,” said WUKPG director Oliver Lipson.
“It represents good value in this market.”
Sixteen Real Estate acted for WUKPG and Metis acted for the vendor.
WUKPG recently won approval for a 202,000 sq ft industrial development off Greg Road in Reddish, Stockport.