Crossley Park sold for £11m

STOCKPORT industrial estate Crossley Park has changed hands for more than £11m in two separate transactions.

The main property – comprising more than 300,000 sq ft – was bought for £10.8m by a London-based fund as a three-part asset under its new fund while a second piece of land is being sold in a £280,000 deal.
   
I53 Crossley  – a partnership of eight individual investors – acquired the site for £3.2m in September 2011 out of administration.

Under management by Till Asset Management, a further £1.6m has been invested in the development, transforming the 40% vacant, semi-derelict site into a fully-tenanted estate.

Les Lang, director at Till Asset Management, said: “Crossley Park has proven to be a remarkable investment, especially as we purchased it in what has emerged as a particularly difficult economical period.

“This highlights our precision and careful understanding of the market, which has ultimately given our clients a notable return at a tough time for property investment.

Investors received a 5% running return per annum for each year, before capital growth of more than 129%.

Lang continued: “Finding value in this current market is much more challenging. I can’t emphasise enough how important it is for investors to seek appropriate advice and a good asset manager to ensure they make the right type of investment at the best time.”
   
Liam MacCarthy, fellow director, added: “Crossley Park was in need of an ambitious remodelling; large areas of the site were unlettable and not fit for purpose. We broke it up, developed it and made a strategic decision to build a vibrant business community.

“This aspirational objective means it’s now fully tenanted, with thriving local businesses – and will be for many years to come.”

Martin Hoare of Gorvins Solicitors acted for i53, with Steve Carrick of Knight Frank acting as agent.