Harworth Group has bought Moorland Gate Business Park in Chorley, Lancashire, for £4.5m.
It said the acquisition was part of its strategy to build its income portfolio and expand its presence in the North West, and the purchase represent a net initial yield of 9.5%, with further asset management opportunities.
The 10.8-acre site includes two acres of development land.
Chief executive Owen Michaelson said: “Moorland Gate acquisition is Harworth’s third major purchase of 2016 and reflects our objective to replenish our portfolio with new sites in the regions in which we already operate.
“This well-located investment is an excellent fit to our portfolio being a liquid, income-producing asset, with further asset management and development opportunities.”
Moorland Gate contains 24 lettings totalling 125,120 sq ft across 11 acres. Existing tenants include FDC (Holdings) Ltd and Stagecoach North West.
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