Commercial Estates Group (CEG) has put Stakehill Industrial Estate up for sale at an asking price of £44.25m, reflecting a net initial yield of 6.75%.
The 680,000 sq ft warehouse and distribution investment in Middleton represents one of the largest industrial parks in the North West. CEG acquired the multi-let site in 2012.
Paul Richardson, CEG’s investment manager for the North, said: “When Stakehill was acquired five years ago, we were attracted by the 100% prime location and also the potential of the modern buildings.
“Together with the council and the Rochdale Development Agency, we have repositioned Stakehill into the successful and vibrant institutional quality investment that it now is. The estate now has enormous potential for rental performance as a result of the rental values that have been established.”
The deal sees CEG sell off part of its 2.5m sq ft North West portfolio, that currently also features large scale refurbishment projects currently underway at Altrincham Business Park in South Manchester, Atlantic House in Warrington, Exchange Station in Liverpool, Jackson House in Sale and 196 Deansgate in Manchester City Centre.
WHR Property Consultants and Savills have been retained as the joint agents.