£1.5m sale at Lingley Mere

£1.5m sale at Lingley Mere

27 May 2008  -  Lingley Mere Business Park, a joint venture between Muse Developments and United Utilities, has announced the investment sale of Building 1, Clearwater at Lingley Mere Business Park in Warrington.

The two storey, 6,872 sq. ft. building has been sold to Jaymar Estates for £1.5 million, representing a net initial yield of 7.5%.  The building is currently let to Wates Construction Ltd by way of a ten year lease for a rental that equates to £17.36 per sq. ft.

Lingley Mere is Warrington’s premier business park, located on the outskirts of the town within easy reach of the M62 motorway.  The Clearwater phase comprises four buildings and the remaining building is now under offer. L evels of interest are so high that a fifth building is now planned for Clearwater.

Phil Mayall, senior development surveyor at Muse Developments, said: “This latest sale represents another vote of confidence in Lingley Mere Business Park, which is continuing to outperform the market following a series of successful deals during the first quarter of this year.â?

Stephen Hamer, Head of Investment at Lambert Smith Hampton’s Manchester office, who acted on behalf of Lingley Mere Business Park, commented: “This sale shows that despite a lower volume of investment transactions, there is still a good market for well let, good quality product.  The Clearwater phase of Lingley Mere has proven hugely successful with occupiers and investors alike.â?

Edwards and Co acted on behalf of Jaymar Estates and is also joint letting agent with Lambert Smith Hampton .

Ends.