Vita Group HQ changes hands in £20m pension fund deal
Greater Manchester Pension Fund (GMPF) has acquired the global headquarters of Vita Group, in Middleton, from Rock Co Ltd, for £20.225m, reflecting a net initial yield of 7.15%.
The HQ sits on a 16.9 acre site and provides 590,000 sq ft of manufacturing facilities, distribution warehouses, R&D facilities and office accommodation as well as the global innovation centre.
Vita Group has been based there since 1955. Over the past three years it has invested more than £10m on the facility.
The headquarters is currently leased with the agreement of annual RPI uncapped rent reviews for a further six years with the option to renew the existing lease for another 15 years.
Sitting on Oldham Road, the site offers excellent redevelopment potential in the long term.
David Winterbottom, of Avison Young, said the acquisition on behalf of its retained client continues its investment programme across the North West and West Yorkshire.
Will Kennon, of CBRE who advised on the sale, said: “The nature of the investment with uncapped annual RPI indexation has become even more sought after in recent months, driving competitive bidding to levels in excess of quoting price.”
CBRE acted for the vendor and Avison Young acted for the purchaser.
