Member Article

Manchester distribution warehouse acquired for £22.45 million

A Tesco distribution warehouse in Touchet Hall Road, Middleton, Manchester has been acquired for £22.45 million by Tritax Big Box REIT plc.

The purchase, which was off-market, has been funded out of equity proceeds.

Completion is expected to take place on 2 December 2014.

The distribution warehouse is situated on Stakehill, a 200 acre industrial estate providing 2.5 million sq ft of logistics space just to the east of Junction 20 of the M62.

The property, which is currently unoccupied, is leased to Tesco Stores Limited, for an unexpired term of approximately 9.2 years, with two further rent reviews in December 2017 and 2022.

The industrial estate is also home to Sainsbury, Aldi, Booker and several third party logistics operators such as Bibby, Yodel and NFT Distribution.

SG Commercial represented the Company and DTRE represented the vendor.

Partner of Tritax, Colin Godfrey said: “We are pleased to announce our third acquisition in the North West, a region which has witnessed the highest levels of activity for industrial take up, accounting for over 25% of all industrial sector real estate transactions in the UK in 2014 so far.

“We see potential significant value add opportunities through asset management of this distribution warehouse.”

This was posted in Bdaily's Members' News section by Sophia Taha .