Council snaps up distribution warehouse as part of investment drive

Rochdale Council has acquired a 143,873 sq ft industrial warehouse unit as part of it new investment drive.

The newly refurbished distribution warehouse, Point 62 on Stakehill Industrial Estate, extends to 143,873 sq ft and is let to Footasylum on a 10-year lease.

Cllr John Blundell, cabinet member for regeneration at Rochdale Borough Council, said: “With 80% of the site now occupied, Stakehill is one of Rochdale’s many business success stories, and an obvious place to invest. This latest acquisition is part of the council’s new investment drive, following the approval last year of £30m of funding to acquire properties which attract a high rental yield.

“This strategy is expected to generate an additional half a million pounds a year of income for the council and also contributes to the continued regeneration of our borough.”

Carrick Real Estate and Knight Frank made the sale on behalf of CBRE Global Investors.

Steve Carrick, partner at Carrick Real Estate, said: “The strength of the Footasylum covenant and prime location meant we had significant investor interest in this asset.  We are currently witnessing very strong demand for industrial and distribution investment opportunities, a trend we forecast continuing throughout the year.”

Craig Barton, partner at Cushman & Wakefield, which advised Rochdale Council jointly with Lambert Smith Hampton, added: “Stakehill Industrial Estate is a highly sought-after regional, business location and we are delighted to have assisted the Local Authority in securing this refurbished distribution unit, let to a highly regarded and expanding occupier, with strong local roots.”

The building was acquired for an undisclosed sum.