31 Aug 2022
Network Space Investments has acquired a high profile 45,000 sq ft multi-let estate on Europa Way for an undisclosed sum.
The fully-let estate comprises three modern detached units with a low average passing rent and an unexpired term of 4.3 years to break. The estate was marketed by CBRE with a quoting price of £6,840,000 reflecting a net initial yield of 4.00% and capital value of £151 per sq ft.
Network Space’s portfolio already includes Guinness Circle in the heart of Trafford Park, which 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 and 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 said: “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.”