Quorum sells its industrial portfolio for £18.25m

WILMSLOW-BASED investor Quorum Estates has sold its industrial portfolio for £18.25m as investors call the top of the market.

Quorum has sold a portfolio including warehouses in Winsford, Kersley, Middleton, Sharston and Chester to warehouse investment specialist Warehouse REIT plc, reflecting a net initial yield of seven per cent.

The firm will now reinvest in office property, as well as buying new industrial stock.

Paul Wardle, managing director of Quorum, said: “We made the decision to take advantage of the current buoyant industrial investment market, and the capital will provide us with the opportunity to actively expand our existing office portfolio as well as to acquire new industrial stock.”

The sale comes on the back of a busy 12 months for Quorum.

Last year saw the letting and funding of over 200,000 sq ft of industrial building and development land in a joint venture with Cabot Properties.

Andrew Stewart of Stewart Montrose acted for Quorum in the sale, which included a 78,000 sq ft unit at Winsdow, the 46,000 sq ft Quntum Park trade counter in Manchester, and 48,000 sq ft at Linkway industrial estate, Middleton.

In all the portfolio totalled 324,000 sq ft.

The Quorum reflects a growing mood in the industrial property market that now is the time to take profits.