WHR acting on behalf of PGIM Real Estate has bought the 174,600 sq. ft. multi-let industrial estate on Gorrells Way, Rochdale.
Transpennine Trading Estate was purchased for £6.925m, reflecting a net initial yield of 8.0%.
Mark Williams Partner at WHR commented “PGIM were seeking well located industrial investments with asset management angles and prospects for future rental growth. Transpennine fulfilled PGIM’s investment requirement as it represented a well located industrial estate, off low average rents of approximately £3.38 psf and was acquired for an overall capital value of below £40 psf which is significantly below the cost of building equivalent units today .WHR were ideally placed to advise on this asset as we are very actively in the Rochdale agency market and over recent years have let around 400,00sqft of accommodation on the nearby Stakehill industrial estate which is now fully let.”
B8 Real Estate, acting on behalf of LaSalle Investment Management, sold the scheme.