Warehouse in Greater Manchester sells for £2.5m
Independent property consultancy BC Real Estate has completed the sale and subsequent leaseback of a 33,732 sq ft warehouse for £2.5m.
The deal for the warehouse on Northbank Industrial Estate in Irlam was carried out on behalf of catering butcher company MJ Birtwistle.
AEW UK, advised by Paul Nicholls and Co, acquired the modern warehouse facility, which is situated on Ferrous Way for £2.5 million, representing an initial yield of 7% and £75 per sq ft.
MJ Birtwistle agreed a 20 year lease on the property.
John Barton, director at BC Real Estate, comments: “We were delighted to be involved with such a high profile disposal. Our client’s business has proven to be very successful over the years and by agreeing this sale and leaseback deal, it will enable them to reinvest in their business and continue to grow.”
BC Real Estate also advised M7 on its acquisition of Mount Street Business Park in Oldham. The 45,000 sq ft multi-let estate is situated on 2.3 acres and was sold by JLL on behalf of IPIF for undisclosed sum.
Gary Chapman, Director at BC Real Estate, adds: “We have enjoyed a successful first half of this year and with the demand from both investors and occupiers remaining strong, we are confident that the North West industrial market will continue to perform well throughout the rest of 2018.”
