£6.85m Investment deal for DTZ at Manchester’s Airport City Enterprise Zone

DTZ’s investment team in Manchester, part of UGL Services, a division of UGL Limited (ASX: UGL), has completed the £6.85m sale of Roundthorn Industrial Estate, Manchester.

The multi-let industrial estate comprising 21 units, totaling 210,000 sq ft is located within Manchester’s Airport City Enterprise Zone.

Acting on behalf of Greater Manchester Pension Fund (GMPF), DTZ agreed a sale to Columbus Capital for £6.85m, a price reflecting a net initial yield of 10.10%.

The sale comes shortly after DTZ’s disposal of Stakehill Industrial Estate on behalf of Aviva Investors, taking the tally to almost 1,000,000 sq ft of multi-let industrial deals within the last three months.

Simon Lowe, Associate Director at DTZ, commented: “We are pleased with a good result on this sale. It is proof that there is still demand for good quality assets, despite the underlying market difficulties we are faced with.”

Columbus Capital was represented by Savills.