- 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.
Broadfield Business Park, Heywood