Acquisition takes developer’s Stockport portfolio to 13 properties

Orbit Developments, through its investment arm North West Portfolio, has expanded its portfolio and commitment to Stockport town centre with the recent purchase of Kingsgate House.

Kingsgate House becomes Orbit’s 13th property in Stockport and takes its ownership to more than 400,000 sq ft of commercial space in the town centre alone.

Though well tenanted, the modest availability within Kingsgate House provides further size options for existing Orbit customers and new businesses to the town.

The significant regeneration change taking place across Stockport also provides a location that companies see makes sense for them to choose as a base.

Following a number of sales of Kingsgate in recent years, Orbit says it will give current and new customers comfort that a local company with an excellent track record have acquired the property, having owned a number of town centre properties since the 1970’s.

Orbit are currently engaging with current customers at Kingsgate and are reviewing opportunities for investment into refurbishment to further enhance this significant new addition.

Rhys Owen, leasing director for Orbit Developments, said: “The acquisition of Kingsgate House is a major statement and it’s great to finally get control of the building.

“The success we have seen with customers growing and being attracted to Stockport over recent years has been significant in the purchasing decision and this opportunity was one we were keen to take.”

As with the other 12 Orbit properties in the town centre, new and current customers of Kingsate House will now be eligible for Orbit’s SKone reward scheme which is specific to its town centre portfolio.

James Preston, associate director, national capital markets, at the Manchester office of Colliers International, advised Orbit on the acquisition.