Brixton has bought the Circle South Industrial Estate at Wharfside Way, Trafford Park, Manchester for £9.75m from Liverpool Victoria Life Company.
The deal for the 112,500 sq ft estate shows a net initial yield of 5.7%, an equivalent yield of 5.9% and a reversionary yield of 6.0%.
The 1998-built estate comprises six units ranging from 8,500 sq ft to 48,000 sq ft and let to tenants including Daytona Manchester, West Pennine Trucks and Nestle Watercoolers at a total rent roll of £588,680 pa.
It lies at the heart of Brixton’s existing holdings at Trafford Park, near Old Trafford, where the company now owns more than 2.8m sq ft of industrial and warehouse space.
Tim Wheeler, Brixton’s chief executive, said: “Following our recent disposals, our one core holding outside the South East is Manchester.
“This property is a natural addition to our Trafford Park ownerships and we are pleased to have been successful in its acquisition.”
M3 advised Brixton on the purchase; Christopher Dee acted for Liverpool Victoria.
References: EGi News 25/05/06
