Key Properties Ltd, a joint venture between St Modwen Properties plc and Salhia Real Estate of Kuwait, has agreed to sell the headquarters/distribution building it is developing for adidas at Trafford Park, Manchester, to the National Farmers Union Mutual Insurance Society Ltd.
The 360,000 sq ft (33,444 sq m) building, believed to be the largest single letting in the North West so far this year, will be let on completion to adidas at a rent of £4.75 per sq ft for 15 years.
The £33.3 million sale price represents an initial yield of 4.99%.
King Sturge acted for St Modwen in both the letting and the sale of the building. Burbage Realty represented the NFU Mutual Insurance Society.
For further information contact Paul Batho of St Modwen (01925 825950). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).