Eddie Stobart's West Cumbrian depot has been bought by an investment partnership for almost £6.3 million.

Investor and asset manager 7 Real Estate has announced that it has acquired the complex, on the Lillyhall estate near Workington, on behalf of M7 Real Estate Investment Partners VI from the Stobart Group, for £6.295m.

It comprises of five warehouses and office space,plus land - totalling 476,000sq ft - and generates a total rental income of £675,000 a year, 7 Real Estate said.

Four units are occupied by Eddie Stobart on a 10-year lease, which was renewed in March.

Will Mitchell, Asset Manager at M7, said: “The fundamentals of this asset, including the fact that it is located on an established long let industrial estate and offers an attractive day one yield with scope to add value, make it a perfect fit with the M7 REIP VI strategy.

"The continual reduction in the supply of large industrial space, coupled with an increase in demand for accommodation such as this, is supporting positive rental growth and we anticipate this to be realised going forward."