Cheshire-based Patrick Properties has acquired an industrial complex in Winsford, Cheshire, for £8.9m.
The deal reflects an initial yield of 7.46%.
Patrick, the property company owned by Sale Sharks RUFC chairman Brian Kennedy, has purchased the Premier Park scheme from Commercial Estates Group.
The refurbished 1970s industrial complex comprises 16 units ranging from 6,500 sq ft to 98,000 sq ft.
Tenants include Edmundson Electrical and ASM Technologies.
Patrick wants to extend the scheme to create a further 70,000 sq ft of speculative industrial and trade counter space.
Andrew Dickman, managing director of Patrick Properties, said: “We are working to produce development proposals for the remaining 7.75 acres and will submit a planning application by the end of the month.”
Vernon & Co acted for Patrick Properties. WHR represented the vendor.
References: EGi News 13/04/05
