Davies Harrison Tackles 120,000 sq ft Sale at Rugby Business Park
Acting on behalf of Cantt Pak Limited, Davies Harrison Real Estate has sold a 121,128 sq ft warehouse scheme in Oldham to Aberdeen Standard Investments for an undisclosed sum but with a net initial yield of in the region of 4.5%.
Built last year, Rugby Business Park was a speculative warehouse scheme strategically situated just off junction 21 of the M60, close to Chadderton town centre. Davies Harrison, together with retained joint letting agents, Preston O’Herlihy, let both of the two storey warehouses, which sit on a nine acre site.
The estate comprises 2 brand new self contained warehouses:
Building 1 was pre-let to Sunbelt Ashtead Plant Hire Limited (A-Plant Ltd) and comprises 60,947 sq ft for its regional headquarters on a 15 year lease having decided to consolidate its previous operational units to move to its bespoke new unit at Rugby Business Park.
Building 2 comprising 60,181 sqft was let to Oldham based wet wipes manufacturer, Sachets Limited on a 15 year lease soon after completion.
Rick Davies of Davies Harrison Real Estate says: “Rugby Business Park has been an extremely successful scheme due to its excellent location and the exceptional high quality specification of the build. Having originally introduced this development site to Cantt Pak and advised on the type of product that would appeal to the market, we are particualrily pleased with the speed with which we were able to secure these lettings and subsequent investment sale.”
James Preston of Colliers acted on behalf of Aberdeen Standard Investments.