Industrial and office scheme sold for £1.75m

Cert Property, the Manchester-based independent property and investment company, has disposed of Phoenix Mills – a 72,306sq ft industrial and office scheme in Failsworth in an off-market deal for £1.75m to a private investor, reflecting a net initial yield of 11.5%.

Cert Property acquired the multi let property, which sits on a 3.6-acre site and is located on the junction of Cheetham Street and Oldham Road from receivers less than 12 months ago.

Howard Lord, managing director of Cert Property, said: “Upon acquiring the previously neglected buildings, we immediately implemented a strategic plan to asset manage the property and quickly let the vacant units to local occupiers and re-geared a number of existing leases, improving the rental income significantly.

“The success of lettings at Phoenix Mills and what we have managed to achieve reflects our understanding of the local market and what occupiers and investors are looking for.”