Langtree buys Oldham shed
ST HELENS developer Langtree has bought a 42,000 sq ft shed in Oldham for £1.7m.
Its property investment arm Langtree Commercial Property has acquired the unit at Oldham Broadway Business Park. The identity of the vendor was not disclosed.
It is occupied by gaming machine supplier Global Draw which took a 10-year lease in March this year. The firm is the first tenant at the building which was speculatively developed in 2008. The sale price represents a net initial yield of 9.5%.
Richard Ainscough, managing director of the investment arm, said: “This is a fantastic buy for us, further strengthening our already diverse and modern property portfolio.
“Coupled with our acquisition in Trafford Park in May, this demonstrates our appetite for quality industrial investment opportunities in the North of England.”
John Downes, group chief executive, said: “It is encouraging that just as the economic environment is starting to improve we are in a sound position to push forward and make progress in all our group operations”.
The acquisition takes the value of Langtree’s investment portfolio to just under £115m, managed from the company’s offices in St Helens and Doncaster.
Langtree, represented by WHR Property Consultants, now has a portfolio of 2.2 million sq ft.
