Property news: WHR’s Oldham double; First Street completes
WHR Property Consultants has completed two deals in Oldham. The Manchester based practice sold a 17,300 sq ft warehouse – Serena House – on Vulcan Street in an off market transaction to owner-occupier Transweb.
Secondly, acting on behalf of Beva Investments, WHR has also let a 22,000 sq ft on Vulcan Business Park to ESP Evolution, which has agreed a 10-year lease.
John Barton of WHR comments: “The North Manchester industrial market is booming. Serena House, had recently undergone a substantial refurbishment is a perfect example of how landlords are looking to take advantage of the continued rise in demand from occupiers. Good quality existing stock is rapidly diminishing and before too long demand will exceed supply.”
GVA was the joint letting agent on Vulcan Business Park, which is also home to Plastics Direct and Tunnel Engineering and only 22,000 sq ft of warehouse accommodation remains available. Quoting rental levels are from £3.75 per sq ft.
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DUNLOP Heywood has completed a leasehold deal on behalf of AutoTrader at Number One First Street, Manchester.
Negotiations were concluded with landlord Ask Developments for the 15 year lease which covers 60,000 sq ft, including the whole of the 4th and 5th floors and part of the 6th.
The fit out was undertaken by Warrington-based Claremont Group Interiors and overseen by Dunlop Heywood’s Building Services team, led by director John Valentine.
Staff have now started to occupy the premises in a phased move from various offices around the country.
Rupert Lowe, Dunlop Heywood’s associate director of agency, commented: “First Street is set to become Manchester’s most vibrant new neighbourhood, with a blend of culture, leisure, retail and office space, covering 17 acres and boasting excellent connectivity.
“We believe this will have been one of the largest leasehold deals, if not the largest, in the region for 2014 in the office market.”
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