Edwards acquires 23,000 sq ft Skelmersdale unit in £2.8m deal

The Manchester-based independent property consultancy has purchased the single-let industrial building on behalf of a private client.

Located on the Pimbo Industrial Estate, the 23,012 sq ft unit was marketed by B8RE for £2.8 million, which reflects a net initial yield of around 5.75%.

The building, which was acquired from Network Space, is fully let to RMD Kwikform Limited.

Network Space was represented in the deal by B8RE.

Oliver Rowe, director of Edwards, said: “This was a unique opportunity to purchase a highly reversionary asset with low site coverage in one of Lancashire’s premier commercial locations.

“The area continues to improve and will benefit from further inward investment, with Henry Boot due to develop a speculative 245,000 sq ft logistics warehouse next door.”

He added: “The significant competition to secure this asset is a strong example of the resilience of the industrial investment market; a sector we continue to be very active in.”

Tom Dawson, managing director at Network Space Investments, said: “With a lack of stock in the market and continued demand for value add opportunities, we’ve timed the disposal with a well-run marketing campaign to generate strong interest and competitive bidding for this opportunity.

“We’re very pleased with the pricing that’s been achieved which is ahead of our business plan and we will be looking to reinvest the proceeds into new industrial value-add opportunities in the coming months.”

Place North West has made efforts to establish the identity of the purchaser.