Paloma Capital Buys Globe Industrial Park

Paloma Capital has bought the Globe Industrial Park in Dukinfield, Greater Manchester, has from CBRE Global Investors for £13.8m – a net initial yield of 9.1%.

The 543,983 sq ft industrial park comprises 22 units across 29 acres and is multi-let to occupiers including Turner Bianca, Parker International and UK Power Reserve.

It generates a total annual passing rent of around £1.3m.

Rob Woods, director of capital markets at CBRE’s Manchester office, said: “Globe Industrial Park has particularly strong tenant retention and offers excellent opportunities to drive future rental income through active asset management.

The sale confirms the growing demand for well-positioned industrial accommodation close to Manchester city centre as the weight of demand and limited supply in the North West region creates upward pressure on rental levels.”

Paloma Capital was represented by Savills.