7th July, 2021
HIMOR, a north west based developer, has sold Bradley Hall Trading Estate, Wigan, to Stenprop, the UK multi-let industrial (MLI) owner operator, for £20.6m, reflecting a net initial yield of 6.43%.
The multi-let estate, which has been in HIMOR’s ownership since 2005, comprises approx. 296,824 sq ft. HIMOR have carried out phased refurbishment of the estate over recent years and has achieved near 100% occupancy. The funds will be re-invested into new opportunities and developments.
HIMOR Managing Director, Mark Booth, said "The sale of Bradley Hall is a significant moment in HIMOR’s history. Our focus is shifting more towards development, coupled with a very strong market, we felt it was the right time to sell the site and we wish Stenprop all the best with its ongoing management."
The estate also offers potential for Stenprop to grow income and value through continued asset management, with a number of lease events due in the near term, as well as potential development opportunities to increase the low 17% site density.
The asset was keenly fought over in what is an extremely active industrial market. The North West has been one of the strongest performing industrial and logistics regions in recent years. The market has been characterised by a growing demand supply imbalance, in particular for smaller SME/MLI units ranging between 1,000 and 20,000 sq ft, which has been exacerbated by a lack of speculative development.
CBRE acted for HIMOR, B8RE acted for Stenprop.