Place North West | Schroders advances £8m Stanley Green expansion placenorthwest.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from placenorthwest.co.uk Daily Mail and Mail on Sunday newspapers.
18 Dec 2020, 11:13
Schroder Real Estate Investment Trust has paid £17.25m to buy Stanley Green Trading Estate and a three-acre development plot in Cheadle from MAS Real Estate, reflecting a blended net initial yield of 5.2%.
The freehold estate and neighbouring development site are located at the junction of the A34 and the A555, the recently completed Manchester Airport Eastern Link Road.
The estate comprises 150,000 sq ft across 14 units on a nine-acre site and is fully let to 13 tenants generating a total annual rent of £960,000 at an average of £6.55/sq ft. The estimated market rental value is £1.25m a year and the average unexpired lease term, assuming all tenant breaks are exercised, is three years. Schroders said 97% of the rent due during the pandemic has been collected.