Unit 2, Stakehill Industrial Estate, Manchester
The Brief
A client had held this industrial unit for eight years. At the time of acquisition it had been re-purposed to a call centre, but the tenant had not been in occupation for some time and were not going to renew their lease in 2 years’ time. We were tasked to see if we could find a suitable purchaser who would take this on as a development project and to take advantage of the upturn in industrial values over the recent past.
The Property
The property comprises an industrial unit of steel portal frame and approximately 27,000 sq ft. In addition with the ownership there is a separate car park located close to the subject property which provides space for approximately 250 cars.
The Deal
There was little prospect of getting another call centre occupier so we engaged with a locally based Property Company who were looking for well placed industrial units with some development potential. The car park was a great opportunity but the existing unit needed significant work to put back into industrial usage. We managed to get a subject to planning offer in place at the right price so the client walked away from a potential problem property with a small capital gain and having benefited from a 9% running yield over 8 years.
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