Davies Harrison Receives Strong Competition on Trafford Park Sale
Manchester-based industrial property specialists, Davies Harrison has sold a 45,113 sq ft prime warehouse in Trafford Park on behalf of long standing client, PerScent for £8.7 million. The transaction reflects a net initial yield of 4.5% underlining the ongoing strength of the industrial and logistics market. The purchaser was Harleyford Capital, represented by Matt Stretton of Knight Frank.
Davies Harrison’s involvement with the property, Churchill Point, stretches back more than two decades. The team originally acquired the land 21 years ago on behalf of Pin Properties and advised the developer to speculatively build the 45,114 sq ft warehouse. The property was then sold to PerScent, who occupied the building before relocating almost three years ago. At that point, Davies Harrison secured a letting to the current occupier, Hyva / Jost on a 10-year lease, ensuring the property continues to deliver long term investment value.
Rick Davies, Director at Davies Harrison, commented: “This is an exceptional deal and one that we are particularly proud of. Having been a key part of the team behind the construction of Churchill Point – from the original land acquisition and advising on the speculative development through to the sale to PerScent, securing subsequent lettings and now achieving a this investment sale. The transaction reflects both the enduring quality of the scheme and the continued strength of Trafford Park as the UK’s premier industrial location. Few industrial deals in recent years have demonstrated such a complete lifecycle of strategic advice and asset management.”
Matt Stretton of Knight Frank commented: “located in arguably the strongest location in the north of England, for urban logistics, the asset presents an opportunity to capture significant rental growth at the next rent review.