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Thursday, July 19, 2023

Brixton buys more at Manchester's Trafford Park

Brixton has purchased the Severnside Trading Estate, Trafford Park in Manchester from Morley Fund Management for 14.95m.

The estate totals 204,000 sq ft in 22 units, let on 16 leases with 2 units (22,167 sq ft) vacant and subject to rent guarantees for 12 months.

The total rent including these guarantees is just over 900,000 per annum and the purchase price reflects a net initial yield of 5.7%, 6.1% equivalent yield and 6.7% reversionary yield.

The largest occupiers include T&K; Gallagher, Loomis Cash Management, Doco International and Wolseley UK with Unipart, Komfort Workspace, Central Tyre and Interlink Express also being represented.

The property is located opposite Brixton's 340,000 sq ft Longwood Estate within Trafford Park and this purchase is the Company's third acquisition there since May last year.

Brixton was advised by CB Richard Ellis with King Sturge acting for Morley.