Industrial & Logistics

Carrington Gateway, Carrington, Manchester

144 Manchester Rd, Greater Manchester, M31 4QN, UK

Carrington Gateway, Carrington, Manchester_Property for Sale

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Asset description

A Prime Multi-Let Industrial Investment Opportunity

Attributes

Asking Price
$39,493,000
Building area gross
211,283 sf
Occupancy
85.00%
Year built
2020
Number of units
6 units
Property Reference Number
10070453677

Investment highlights

  • Carrington Gateway is a prime multi-let industrial investment
  • Carrington Gateway forms part of Phase 1 of the Carrington Estate, one of the UK’s largest regeneration schemes
  • Strategically located within 3 miles of Junction 8 of the M60 orbital motorway, with easy access to the M6, M62 and M61 regional and national motorway network
  • Prominently situated fronting the A6144 (Manchester Road)
  • Total floor area of approximately 211,283 sq ft, arranged in 6 units, ranging from 10,469 sq ft to 103,995 sq ft
  • Design-led architecture in a landscaped environment, combined with a Grade A specification
  • Let to a range of national and regional businesses within 11 months of practical completion
  • The asset will benefit from forthcoming new infrastructure improvements, including the Carrington Relief Road
  • Total passing rent of £1,486,954.75 per annum, equating to a low average rent of £7.04 psf
  • Significant reversion with a total ERV of £1,731,354.75 per annum (£8.19 psf)
  • Site area of 16.1 acres, representing a site density of approximately 30%
  • BREEAM rating ‘Very Good’ and EPC B
  • The property is held virtual freehold on a 999-year long leasehold interest at a rent of £100 per annum
  • We are instructed to seek offers in excess of £32,390,000 (Thirty Two Million, Three Hundred and Ninety Thousand Pounds) subject to contract and exclusive of VAT
  • A purchase at this level would reflect a low capital value of £153.30 psf, providing the following yield profile assuming purchasers costs of 6.77%:

Net Initial Yield - 4.30%

Reversionary Yield - 5.00%

Equivalent Yield - 4.55%

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Last updated
Nov 30, 2022