Cornerstone has sold Clifton Moor Industrial Estate in York to Legal &General for £40.8m.

The multi-let estate is situated on a 47 acre site and comprises 443,485 sq ft of industrial, warehouse, retail warehouse, car showroom and cash and carry space.

Clifton Moor Industrial Estate is let to 73 tenants by way of 82 leases providing an average weighted unexpired lease term of 11.14 years.  The estate generates a passing rent of £2.59m and currently has a vacancy rate of 9.15%; occupiers include Wickes, Jewson and Network Rail.

James Fairweather, Head of Industrial & Logistics at Strutt & Parker, who acted for Cornerstone said: “Clifton Moor Industrial Estate offered the rare opportunity for institutional investors to acquire a large and market dominant industrial holding offering extensive asset management opportunities for the future. Industrial estates of this scale are increasingly being sought by investors keen to add multi-let investments to their portfolios and this was reflected in the competitive bidding process.”

Strutt & Parker acted on behalf of Cornerstone; Legal & General was represented by JLL.