New Owner for Dukinfield Wagon Works
Globe Industrial Park in Tameside has been sold to Paloma Capital for £13.75m.
Reflecting a net initial yield of 9.05 per cent, the 543,983 sq ft site was sold by Collingwood Rigby and CBRE’s Manchester Capital Markets team, acting on behalf CBRE Global Investors.
Globe Industrial Park is a 22 unit, multi-let industrial estate located on an extensive 29 acre site in the established north west industrial and distribution hub of Dukinfield, Tameside.
Existing occupiers include Turner Bianca, Parker International and UK Power Reserve, generating a current total annual passing rent of circa £1.3m.
The site has a long industrial history and was originally used for railway sidings and a carriage and wagon works.
Extensive refurbishment works have been carried out in recent years at the Park to maintain a high standard of accommodation over the broad range of unit sizes.
Rob Woods, director of Capital Markets at CBRE’s Manchester office, said; “Globe Industrial Park has particularly strong tenant retention and offers excellent opportunities to drive future rental income through active asset management.
"The sale confirms the growing demand for well positioned industrial accommodation close to Manchester City Centre as the weight of demand and limited supply in the North West region creates upward pressure on rental levels.”
Paloma Capital was represented by Savills.