Winsford industrial quartet packaged for sale

Pitalia Real Estate has put the freehold for a quartet of multi-let, mid-box industrial facilities on Winsford Industrial Estate, Cheshire, up for sale. JLL and Legat Owen have been jointly appointed to sell the site, called Quad, for more than £17m. The price reflects a 7% net initial yield and 8.3% reversionary yield, after deducting purchasers’ costs of 6.74%. The four facilities at Quad, on Road Five within the 380-acre complex, are fully let. The combined site area measures 13.3 acres and offers 239,568 sq ft of warehouse and office space. Quad has a WAULT of around 8.7 years to expiry, and 6.1 years to break. Its occupiers are waste management firm 99P Recycling, Roberts Bakery, consumer goods company Henkel UK Operations and Renray Healthcare. The scheme generates passing rent of nearly £1.3m per annum, representing an average of £5.28 per sq ft, against a reversionary rent of £1.5m per annum. Marketing materials for Quad highlight opportunities to add value, with forthcoming rent reviews in three tenancies within the next five years. Additionally, the Henkel lease is contracted “outside the Act”, giving landlord flexibility at expiry in 2026. There is also a plot of undeveloped land, demised to Renray, measuring around 0.6 acres. Major occupiers in the wider Winsford Industrial Estate, which spans 380 acres, include Howard Tenens, Schoeller Allibert, Advanced Medical Solutions, Tiger Trailers, Screwfix, Howdens and Toolstation. Pitalia previously bought units 1-3 on Road Five from Henkel for £8m in 2021, in a sale-and-leaseback. It partnered with development manager Harlex to refurbish units 1 and 2, which were empty at the time. A year later, it acquired the Renray warehouse for £3.6m, also in a sale-and-leaseback deal. View listing on Propertylink >>