Liverpool city region commercial property developer Network Space acquires 45,000 sq ft multi-let industrial estate in a multi-million pound deal. Tony McDonough reports
Network Space has acquired a multi-let industrial estate in Manchester for an undisclosed sum.
Comprising three detached units, the fully-let estate totals 45,000 sq ft. Located on Europa Way, the state was marketed by CBRE with a quoting price of £6,.84m. This reflected a net initial yield of 4% and capital value of £151 per sq ft.
Liverpool city region-based Network Space’s portfolio already includes Guinness Circle in the heart of Trafford Park. This offers two fully-let warehouses providing 66,000 sq ft of quality industrial space.
This latest purchase reflects Network Space’s confidence in the occupational market. It supports its strategy of acquiring modern units and estates with underpinning value in established and resilient locations.
Tom Dawson, investment director at Network Space, said: “The current market uncertainty presented us with an opportunity to secure a prime estate with immediate reversion and the prospect of longer-term rental growth.
“We will continue to focus on acquiring similar assets across the North West and Yorkshire. We believe the current pricing shift will present further opportunities to us”
The site was sold by CBRE on behalf of CBRE Investment Management. Colliers acted for Network Space.
Chris Ward from Colliers added: “This strategic acquisition by Network Space not only offers great value but also provides significant reversion from day one.
“Despite wider market uncertainty, the competitive bidding process demonstrates continued investor demand across the sector, and we are pleased to have secured the investment on behalf of our client.”