A North West developer has sold a vast trading estate for over £20m, with proceeds set to be reinvested into "new opportunities and developments".
HIMOR has sold Bradley Hall Trading Estate in Wigan to Stenprop, a multi-let industrial owner operator, with the £20.6m sale reflecting a net initial yield of 6.43%.
The multi-let estate, which HIMOR has owned since 2005, comprises 296,824 sq ft of commercial space.
HIMOR said it had carried out phased refurbishment of the estate over recent years, with site near 100% occupancy.
HIMOR MD, Mark Booth, said: “We have owned Bradley Hall for 16 years and the sale is a significant moment in HIMOR’s history.
"We are focused on a number of new developments and coupled with a very strong market, it was the right time to sell the estate.
"We wish Stenprop all the best with its future ownership.”
HIMOR said the asset was "keenly fought over" in what is an "extremely active industrial market", adding: "The North West has been one of the strongest performing industrial and logistics regions in recent years."
CBRE acted for HIMOR, while B8RE acted for Stenprop.
