Network Space has appointed B8 Real Estate to find a buyer for its new-build industrial estate in Altrincham, Greater Manchester.
The developer will be considering offers over £43.1m. A purchase at this level reflects a net initial yield of 5.5%, reversionary yield of 6.1% and a capital value of £209 per sq ft.
The scheme, known as Broadheath Networkcentre, comprises 206,121 sq ft of warehouses delivered in February this year. It features 25 suites measuring between 2,080 sq ft and 41,738 sq ft across three terraced, and two detached buildings.
About 67% of the estate is let or under offer, with tenants including Maersk, National Trust, Options Greathire, Xpand Logistics, Socotec and Torque Golf.
The estate sits on an 11.4-acre site with primary frontage on Atlantic Street, a commercial location offering a mix of industrial, trade, office and retail facilities.
Simon Wood, investment director at B8 Real Estate, said: “Due to restricted land supply in the area, there is an acute shortage of new, smaller industrial and trade counter schemes in Altrincham and South Manchester in general. The limited supply, urban location and connectivity attracts demand, resulting in strong rents.
“Looking at nearby Trafford Park, which is achieving rents up to £19.80 per sq ft, rental levels in Altrincham are forecast to follow suit, with this site ready to meet demand.”
Stephen Barnes, managing director of Network Space, said: “We have worked very closely with Trafford Metropolitan Borough Council and others to ensure that we developed a scheme that delivers the very best outcomes for all stakeholders.
“We are confident that we have achieved that objective, and the quality and specification of the scheme has meant we have been able to attract a large number of businesses into the borough.”
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Photo © Network Space
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