Acting on behalf of CBRE Global Investors, CBRE’s Manchester Capital Markets team has sold the 7 unit, 57,910 sq ft Southmoor Park industrial scheme to M7 for £1.74 m representing a Net Initial Yield of 9.46%. GVA acted for the purchaser.
Southmoor Park forms part of the established Roundthorn Industrial Estate which is one of South Manchester’s main industrial areas, just 9 miles south of Manchester City Centre. Roundthorn Industrial Estate is home to several logistics and air freight companies, such as Europcar, Arriva North West and Air Cargo Services Ltd, due to the proximity to the airport. The modern industrial accommodation at Southmoor Park is arranged over 7 units totalling 57,910 sq ft with integral offices and designated parking.
Robert Woods, Director of Capital Markets at CBRE’s Manchester office, said:
“Southmoor Park presented an excellent opportunity for the purchaser to acquire a tenanted industrial scheme situated within an established and well-connected logistics hub in South Manchester. The deal signifies investor appetite for well positioned stock with strong covenants.”
