Acquisition adds to property group’s long-term portfolio

Manchester property group Hurstwood Holdings has acquired a 20,000 sq ft headquarter office building on Roundthorn Industrial Estate in Wythenshawe for an undisclosed sum.

The deal represents a net initial yield of 15%.

The building is fully let to Maginus Software Solutions.

Carrick Real Estate represented the vendor, a private investor.

Avison Young acted on behalf of Hurstwood.

Stephen Ashworth, chairman and chief executive of Hurstwood Holdings, said: “This was an excellent investment opportunity for us and makes a great addition to our long-term portfolio.

“The HQ building is situated in an area of Greater Manchester that continues to benefit from significant investment and attract new businesses due to its strategic location close to the motorway network and Manchester Airport.”

He added: “We have worked with Ollie Rowe at Avison Young on a number of deals in the past and are delighted to have secured this latest one quickly and efficiently, together with our trusted team including Rothschild who provided the funding, and our legal advisors, Gateleys.”

Hurstwood Holdings is a commercial and residential property group with more than £160m of property on 100 sites nationwide housing in excess of 700 occupier clients.