Schroder Real Estate Investment Trust has announced this morning that it has completed the acquisition of Stanley Green Trading Estate together with an adjoining development site in Cheadle, South Manchester, for a total of £17.25 million.
The two sites sit in a prime South Manchester location and benefit from a direct link to Manchester city centre and Manchester Airport.
In addition, the sites also benefit from being close to established major grocery stores and retail parks as well as the neighbouring affluent suburbs such as Cheadle, Bramhall, Wilmslow and Alderley Edge.
The Stanley Green Trading Estate comprises of approximately 150,000 sq ft of warehouse accommodation across 14 units on a nine-acre site and is fully let to thirteen tenants generating a total contracted rent of £960,000 per annum.
Despite the ongoing pandemic, Schroders has reported that the estate has generated an impressive 97% rent return in recent results at an average rent of £6.55 per sq ft. The estimated market rental value is approximately £1.25 million per annum.
At present, Stanley Green has a strong tenant line up of local, regional and national trade occupiers including Apex Self Storage Limited (19% of rental income), Howden Joinery Properties Limited (9.4% of rental income), Screwfix Direct Limited (7.3% of rental income) and Toolstation Limited (7.1% of rental income).
Meanwhile, the adjoining site comprises of 3.4 acres and has historic planning consent for 48,000 sq ft of trade counter and warehouse space.