Property developer makes another acquisition for its portfolio
Regeneration company Urban Splash has continued its run of acquisitions with the purchase of an investment property in East Manchester.
Located within the Clayton Industrial Estate on Crabtree Lane in Openshaw, the scheme was acquired in swift fashion by Urban Splash with exchange and completion taking just 24 working days.
Urban Splash has purchased the 28,500 sq ft industrial unit, which is currently let to longstanding tenants Brand Infrastructure and Energy Services Limited plus the 3.48 acres of land on which it is located. Deatails of the deal have not been disclosed.
Nathan Cornish, director at Urban Splash, said: “We are delighted to add Crabtree Lane into our investment portfolio. It’s an interesting location and comes with an established long-term tenant.”
It is the ninth site acquired by Urban Splash in the past two years, with significant developments including Boatshed at Salford Quays, Barton Business Park, Beehive Mill and Phoenix Mill in Ancoats, Avro in Piccadilly Basin, plus sites in Walsall, Salford and Plymouth’s Civic Centre, all added to the investment and development portfolio.
The company is earning a reputation for rapid acquisitions, many of the above purchases completing 28 days or less.
Urban Splash is also currently investing cash across its investment buildings; alongside its longstanding JV partner Pears, it is overseeing a programme of investing into existing schemes such as the Tea Factory and Vanilla Factory in Liverpool, refurbishing and improving them to create updated, contemporary workspaces with breakout areas, showers and bike racks .
Recent annual results this month, showing strong cash reserves of £17.3m, have also propelled the company’s ambitions of further expanding its portfolio with new acquisitions.
Nathan Cornish added: “Our financial position and ambition for investment or development opportunities means that we continue to add to our portfolio when the right assets come along; we are fortunate to have access to substantial funds to acquire assets for cash, along with a great team and quick decision making culture that can move quickly when we identify an asset we like.”
Avison Young acted for Urban Splash, with Colliers marketing the site on behalf of the vendor.
Urban Splash was founded in 1993 by chairman Tom Bloxham and creative director Jonathan Falkingham.
For the past two-decades, the company has grown in size and worked with world-class architects and designers to restore old buildings and create new, sustainable communities.
Headquartered in Manchester, with regional bases in Liverpool, Leeds, Bristol, Sheffield and Plymouth, the company has invested a billion pounds creating thousands of new homes and jobs in over two million sq ft of commercial space.
