Insider Media Limited

Property consultancy Knight Frank has urged investors to consider small to medium industrial sites after completing a deal in Chesterfield.

The Sheffield office of Knight Frank has acted on the completion of an industrial investment deal in the town, the sale price of which reflected a net initial yield of 10 per cent.

Acting for the vendor, Knight Frank advised PJ Wade on the £600,000 sale of a 13,900 sq ft multi-let on Woodsome Park Industrial Estate in Moor Close, Chesterfield, to a South Yorkshire property company.

Knight Frank's investment surveyor Andrew Harrison said: "Our recent LOGIC and Sheffield Market Activity reports concluded that there is life in the local investment market and these two deals are good signs of that in 2011.

"The majority of investment transactions in the region are driven by property companies, and private investors who are keen to acquire similar stock to the Rotherham and Chesterfield deals. This has ensured that demand for prime and good quality secondary property remains resilient particularly for multi-let industrial estates.

"We have transacted three estates in the last six months with two more currently under offer - one obtaining eight offers at, or better than, the asking price."

Last month, King Sturge merged with Jones Lang LaSalle in a £197m deal. All 43 King Sturge offices and businesses across Europe, including 24 in the UK, will become part of JLL and operate under the JLL brand. Integration of business lines and teams is set to begin immediately.