Collingwood Rigby and CBRE’s Manchester Capital Markets team, acting on behalf CBRE Global Investors, have sold the 543,983 sq ft Globe Industrial Park in Dukinfield to Paloma Capital for £13.75m, reflecting a Net Initial Yield of 9.05%.
Globe Industrial Park is a 22 unit, multi-let industrial estate located on an extensive 29 acre site in the established North West industrial and distribution hub of Dukinfield. Existing occupiers include Turner Bianca Plc, Parker International Limited and UK Power Reserve Limited, generating a current total annual passing rent of circa £1.30m.
The site has a long industrial history and was originally used for railway sidings and a carriage and wagon works. Extensive refurbishment works have been carried out in recent years at the Park to maintain a high standard of accommodation over the broad range of unit sizes.
Dukinfield is strategically located just three miles east of Manchester City Centre and is well connected to the motorway networks from Junction 23 of the M60 and Junction 1 of the M67.
Rob Woods, Director of Capital Markets at CBRE’s Manchester office, said; “Globe Industrial Park has particularly strong tenant retention and offers excellent opportunities to drive future rental income through active asset management. The sale confirms the growing demand for well positioned industrial accommodation close to Manchester City Centre as the weight of demand and limited supply in the North West region creates upward pressure on rental levels.”
Paloma Capital was represented by Savills.
