Stoke-on-Trent industrial estate investment sold for £2 million

A group of ground leasehold properties on the Mossfield Industrial Estate, Longton, Stoke-on-Trent, have been sold by Stoke-on-Trent Regeneration Ltd, the joint venture between St Modwen Properties PLC and Stoke City Council, for just over £2.1 million.

The investment properties, acquired by a London-based investor, are producing an annual income of £85,035 and the sale price represented a yield of 3.8%. Mike Herbert, regional director of St Modwen, said: “This represents the final piece of the jigsaw for the Mossfield Estate. Many of the leases were put in place by British Coal when the Mossfield colliery closed in the 1970s. Stoke-on-Trent Regeneration acquired the site from British Coal in 1997. We have since reclaimed the ground on the undeveloped elements of the estate dealing with challenging ground conditions and put in major infrastructure to open up some 30 acres which has been sold to local companies for their own development.”

John Mursell of Colliers CRE represented Stoke-on-Trent Regeneration in the sale.

For further information contact Mike Herbert on 01782 281844.

Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).