Jones Lang LaSalle - Industrial Sale - Manchester, Stakehill Industrial Park

Date: 07 Oct 2002

Acting on behalf of The McKenzie LP, Kintyre have sold a major Manchester Distribution Warehouse. In one of their first significant north west of England transactions, McKenzie have disposed of Aldi Stores major logistics and distribution warehouse, at Stakehill Industrial Park in North Manchester.

Extending to 13,855 sq m (149, 139 sq ft) on a site of 8.4 acres, the prime distribution warehouse sold for a net effective consideration of £10.70 million, reflecting an effective yield of 7.97%. The property compromises one of Aldi Stores’ main northern distribution warehouses and was let for a further 14 year unexpired term, at a passing rent reflecting £64.58 per sq m (£6.00 per sq ft).

The vendor was The McKenzie Limited Partnership, a joint venture set up by Kintyre and Scottish Widows Investment Partnership in December 2001 to maximise returns from a £100m UK wide portfolio.

The purchaser was a private client represented by ATIS Weatheralls. The transaction exchanged on a conditional contract basis, prior to the Royal Assent to the Finance Act, to safeguard a stamp duty saving scheme.

Andrew Hawkins of Jones Lang LaSalle comments:

‘This transaction is a further example if strength of demand from high net worth individuals, who have lost faith in the general equity market and are now being drawn to the attributes of commercial investment property, fuelled by low financing rates’

Jones Lang LaSalle and Winton Faith represented The McKenzie LP.

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