Accrington investment goes for £3.1m

A 53,000 sq ft industrial property on the Altham Industrial Estate has been sold in a £3.1m deal.

Existing occupier Spa Web, a manufacturer of lifting and load securing products, will continue to be based at the site, having signed a 15-year lease less than a year ago.

The site was sold by Trevor Dawson for Jetglobal to a private investor represented by Coventry broker Bromwich Hardy, at a net initial yield of around 6.3 per cent.

Michael Cavannagh, director at Trevor Dawson, said: “Having acquired the investment, we advised on a regear and extension and now have completed a sale on behalf of our client in what is a very healthy investment market.’’

Tom Bromwich, founding partner at Bromwich Hardy, said: “This is a modern site in an excellent location and with a first-class tenant who has been in occupation for more than 30 years.

“It has benefited from a high-quality and highly-specified 20,000 sq ft extension in the last year and ticks all the right boxes in terms of its investment appeal.

“It is yet more evidence that the right properties are continuing to find a market despite the pandemic.”