M7 Real Estate (“M7”) the pan-European investor and asset manager, announces that, on behalf of M7 Real Estate Investment Partners VI, it has sold Parkway Business Centre in Deeside, North Wales for £2.13m reflecting a Net Initial Yield of 6.8%.
The estate, acquired by M7 in January 2017, comprises ten light industrial units totalling 31,862 sq ft with unit sizes ranging from 2,271 sq ft – 5,650 sq ft let to eight tenants. The sale follows the recent completion of three new leases all at £5.50 psf setting a new rental tone for the estate.
Mark Stanton Asset Manager at M7, commented: “Parkway Business Centre is a popular quality modern light industrial estate, and the yield achieved demonstrates the strong demand for this product is not abating. We are delighted to have realised a strong return on this asset.”