Crossbay has acquired two warehouses on Irlam Business Park near Manchester from Buccleuch Property for more than £11m.
The Irlam scheme comprises two modern, semi-detached warehouses offering 83,923 sq ft, let to two tenants with an average unexpired lease term of more than 11 years.
The acquisition is Crossbay’s first in the North West and follows two recent acquisitions in Yorkshire.
Craig Barton, from Knight Frank, which advised Crossbay on the acquisition, said: “These two modern units let to quality tenants, within the prime industrial location of Irlam, west of Manchester provide high specification accommodation with superb motorway access. With continued robust occupational dynamics across the North West, we anticipate strong underlying performance.
“This was an important acquisition for Crossbay and a sign of their belief in the strength of the North West logistics market. They are keen to expand further and we would be interested to hear of any further opportunities.”
Adam Roberts, from Zaman Roberts, which advised Buccleuch, added: “Having advised Buccleuch Property on the purchase in 2016, our client successfully executed their business plan and we are now pleased to have completed the sale to Crossbay.”
