Property consultancy Legat Owen has completed the sale of two units at Cheshire Green to St Johns High Income Property Fund in a deal worth £3.75million, reflecting a Net Initial Yield of 6%.
Located in Wardle, Cheshire Green employment park has planning permission in place for 1.5million sq ft of industrial accommodation. The estate has seen significant development over the last two years with numerous plots sold and industrial units built out of which are all occupied.
The property comprises two new build semi-detached industrial units totalling 37,396 sq ft, which are let to PCO Group UK for a term of 10 years.
Speaking about the deal, Ben Lamont, associate director at Legat Owen, commented: “The sale represents a great example of a “cradle-to-grave” development; Legat Owen sold the development land, oversaw the construction of the development, secured both the lettings and completed the investment sale at a yield which reinforces the strength of the industrial investment market.”
Legat Owen and Butcher and Barlow acted on behalf of a private client.