New owner wanted for Wigan warehouses

CBRE has been tasked to find a new owner for a 700,000 sq ft industrial scheme at Martland Park in Wigan, Greater Manchester. According to Radius, the scheme is owned by Fidelity UK Real Estate Fund, which seeks to raise at least £48m from the sale. If achieved, the transaction would reflect a net initial yield of 5.7%. The development comprises two warehouse and office buildings, measuring more than 350,000 sq ft each. One warehouse is occupied by a cargo services provider on a long-term lease signed in 2021 with a break option in 2026. The other building is a home to tool firm Makita, which signed a five-year lease in 2021. Average rents are quoted at £5.95 per sq ft. See which agents are doing the most deals in Wigan >>