Ultra-low density, value-add multi-let industrial investment in a prime Greater Manchester location. Offers in the region of £2,600,000.

Key Features

• Established multi-let industrial investment with 10.7% site density in a strong Greater Manchester conurbation
• Fully let to a range of regional and local covenants with a WAULT of 0.98 years, offering near-term repositioning potential
• Global rent passing of £223,202 per annum, equating to £6.17 per sq ft over the existing units and £58,323 per acre over the open storage plots
• 78% of the income does not benefit from '54 Act protection
• Excellent location opposite Northbank Industrial Estate, Irlam's prime commercial pitch
• Prominent 4.17 acre freehold site with strong road and rail connectivity
• Offers sought in the region of £2,600,000, reflecting a Net Initial Yield of 8.07% after purchaser's costs of 6.40%
• The three Liverpool Road units may be included at offers in the region of £3,000,000, reflecting a Net Initial Yield of 8.27% after purchaser's costs of 6.45%

Description

Irlam Industrial Estate is an established multi-let industrial investment opportunity extending to 4.17 acres freehold, offering ultra-low site density (10.7%) in a prime Greater Manchester urban location.

The estate comprises a range of industrial units and open storage plots let to a mix of regional and local covenants, producing a global rent passing of £223,202 per annum, equating to £6.17 per sq ft over the existing units and £58,323 per acre over the open storage plots. The estate has a WAULT of 0.98 years, offering near-term repositioning potential, with 78% of the income not benefiting from '54 Act protection - providing a clear pathway to full vacant possession and mid-teen IRR performance through repositioning.

Offers are sought in the region of £2,600,000 (Two Million, Six Hundred Thousand pounds), subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 8.07% after purchaser's costs of 6.40% and a site value of £623k per acre, which is fully supported by local industrial land values.

The three adjoining Liverpool Road units (an office, a shop and a 4,500 sq ft unit with an occupier engaged) may also be included, subject to buyer preference. Including these units, offers are sought in the region of £3,000,000, reflecting a Net Initial Yield of 8.27% after purchaser's costs of 6.45% and increasing total income to £264,042 per annum.

It is envisaged that the transaction will be treated as a Transfer of a Going Concern (TOGC) for VAT purposes. To comply with Anti-Money Laundering regulations, identification checks and confirmation of source of funding will be required from any purchaser.

Location

The property benefits from excellent connectivity to Manchester city centre and the wider North West region, being situated within 3 miles of Junction 11 of the M60 at Eccles. The site lies directly opposite Northbank Industrial Estate and within a 15-minute drivetime of Trafford Park, with Irlam railway station also close by.