Rochdale Council acquires Footasylum’s 143,000 sq ft distribution warehouse
Rochdale Borough Council has acquired a distribution warehouse on Stakehill Industrial Estate.
Point 62, which spans 143,873 sq ft, is currently let to footwear retailer Footasylum on a 10-year lease.
The authority purchased the site from property company CBRE Global Investors for an undisclosed sum, in a deal completed by advisory firms Carrick Real Estate and Knight Frank.
Cllr John Blundell, the council’s Cabinet Member for Regeneration, said: “With 80% of the site now occupied, Stakehill is one of Rochdale’s many business success stories, and an obvious place to invest.
“This latest acquisition is part of the council’s new investment drive, following the approval last year of £30m of funding to acquire properties which attract a high rental yield.”
He continued: “This strategy is expected to generate an additional half a million pounds a year of income for the council and also contributes to the continued regeneration of our borough.”
Steve Carrick, partner at Carrick Real Estate, commented: “The strength of the Footasylum covenant and prime location meant we had significant investor interest in this asset.
“We are currently witnessing very strong demand for industrial and distribution investment opportunities, a trend we forecast continuing throughout the year.”
Property consultancies Cushman & Wakefield and Lambert Smith Hampton advised Rochdale Council on the transaction.
Craig Barton, partner at Cushman & Wakefield, said: “Stakehill Industrial Estate is a highly sought-after regional, business location and we are delighted to have assisted the local authority in securing this refurbished distribution unit, let to a highly regarded and expanding occupier, with strong local roots.”