Galaxy 173 sold for £10m
Avison Young, which claims to be the world’s fastest growing real estate services firm, has negotiated the sale of Galaxy 173 at Chadderton, near Manchester, from a guide price of £10m to a mystery buyer.
The 173,000sq ft warehouse is being sold on behalf of Tetrosyl Group to an unnamed US household goods company which is expanding is UK operations.
Galaxy 173 is on a 11.4 acre site on Greengate just 1.5 miles away from the M60 in a well-established commercial area where neighbouring occupiers include Great Bear, Kitbag and Costco.
James Goode, senior surveyor at Avison Young, said: “Since bringing this property to the market, we have had significant interest from a number of potential occupiers.
“There is a marked shortage of good quality freehold stock currently available and with demand from occupiers looking to own their own buildings remaining strong, we were able to secure a back-to-back deal to tie in with our client vacating in December.”
He went on: “The North West industrial market is increasingly subject to low stock levels of good quality buildings in established commercial areas in general, so it was no surprise that Galaxy went well.
“We anticipate continued demand from occupiers for existing buildings and given the lack of stock many of these occupiers will be pushed towards design and build solutions with the main factors uppermost on the occupier’s list being availability of skilled workforce and excellent transport links.
“As such we are seeing strong interest in sites we are marketing that meet these criteria and there is also increasing talk of a new round of speculative development to meet this occupier demand.”
Avison Young were the sole retained agent marketing Galaxy 173. Savills acted on behalf of the purchaser.
Avison Young is headquartered in Toronto, Canada. Founded in 1978, the company comprises 2,600 real estate professionals in 81 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
