A modern multi-let industrial estate developed in 2004/06 and located in Heywood, one of the premier industrial locations in North Manchester. The estate was acquired for an Institutional Investor in February 2013 for £11.45m. The estate provides 270,000 sq ft in 9 units on a self-contained, ring fenced site.
The property was acquired off-market and a detailed business plan was put in place including lease re-gearing, letting, re-branding and general asset management.
Upon completion of the business plan the estate was fully let and B8RE not only had improved the tenant mix but also the average rent from £4.58 per sq ft to £5.35 per sq ft and the AWULT from 3 years to 5.3 years to expiry. B8RE were subsequently instructed to sell the property and following a comprehensive marketing campaign the property was sold to GMPVF for £24.585m (5.49%).
The deal demonstrates how our investment and agency teams work in tandem to acquire off-market opportunities, see through a detailed business plan and complete a highly successful disposal for the client.
Client: Institutional Investor
Type: Industrial investment acquisition and sale
Value: Acquisition – £11.45m (10.2%), Sale – £24.58m (5.48%)
Tenancy: Multi-let with AWULT of 2.4 years on acquisition. AWULT of 5.3 years (3.1 to break) on sale