AEW UK Core Property Fund has acquired a seven-acre site at Kayley Industrial Estate in Ashton-under-Lyne, Greater Manchester, for £8.25m.
The purchase price reflects a net initial yield of 6.5% and a value of £53 per sq ft.
The Whitecroft Lighting site comprises a factory and office accommodation with additional warehousing. It is let for 14 years with fixed rental uplifts.
It is located on Burlington Street, half a mile to the west of Ashton town centre. The AEW UK Core Property Fund also owns the adjoining Kayley Industrial Estate.
JLL advised on the acquisition.
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