Network Space snaps up warehouses for £2.5m
COMMERCIAL real estate management group Network Space has continued its industrial property acquisition programme by purchasing two modern buildings from a private investor in an off market deal totalling more than £2.5m.
The properties comprise a modern warehouse of 18,500sq ft on The Grange in Warrington, let to Vodafone together with a 10,000sq ft HSS Hire centre adjacent to junction 23 of the M60 at Ashton-under-Lyne.
The acquisitions are the latest in a series of off-market deals which has seen Network Space buy eight buildings totalling £15.5m in the five months since the Brexit vote. The acquisitions have been from a variety of institutional and private vendors.
Martin Mellor, investment director of Network Space, said: “We are delighted to acquire these two modern, well-let industrial buildings in close proximity to the M6 and M60.
“The age, specification and location of these and our other recent investments are another perfect complement to our existing £130m portfolio. Our strategy to invest in good-quality, modern industrial property continues and we remain on the lookout for new opportunities.”
Network Space were represented by Simon Wood of B8 Real Estate who commented: “This off market deal demonstrates the continued strength of investor demand for good quality industrial investments in the North West and wider regions.”
The vendor was represented by Lewis & Partners, London.