Valad Europe, the multi-let real estate investment manager, has sold Unit 1 & Unit 2, Broadway 21, Oldham, Greater Manchester. Unit 1 was sold to Stellar Properties Limited and Unit 2 to Langtree Group Plc, for the combined sum of £10.7 million (€13.3 million).
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Broadway 21, Oldham.
The 17,126 m² Unit 1, let to Great Bear Distribution, a leading logistics and warehousing business, was sold for £8.9 million (approx. €11 million). The 3,901 m² Unit 2, recently let to the gaming machine supplier Global Draw Ltd, was sold for £1.8 million (approx. €2.2 million).
Broadway 21 is a 21,000 m² modern warehouse facility with ancillary office accommodation located near Junction 21 of the M60 in the heart of Oldham Broadway Business Park, one of north Manchester's leading mixed-use business parks.
Rob Howe, Valad Europe's Head of UK Real Estate, commented: "In today's commercial real estate environment, the ability to sell assets at the right time is equally important as being able to acquire assets at a good yield. We took the decision to trade Units 1 & 2 at Broadway 21 following the completion of our business plan for the asset which included securing a new tenant for Unit 2."
Joiner Cummings advised Valad Europe on the sale.
With offices in London, Leeds, Edinburgh and Scarborough, Valad Europe's UK real estate team of 80 people manages £700 million (approx. €870 million) of investment assets and £400 million (approx. €497 million) of development projects in the UK, comprising 1.1 million m² of office, retail and industrial space, across 210 properties, accommodating 1,300 tenants.
Source: Valad
