Sirius Real Estate has acquired Earl Mill business park in Oldham for £5.7m in a deal reflecting a net initial yield of 13.9%.
The 174,000 sq ft multi-let business park sits on a 3.8-acre site and offers a mixture of warehouse and office space, which Sirius will operate under its BizSpace brand.
The park generates a net operating income of £844,000 per annum and is currently 95% let.
The site provides car parking for 300 cars and also has the potential for future value creation through the leasing of the vacant space, improvements to the property’s environmental ratings and future development.
Andrew Coombs, chief executive officer of Sirius Real Estate, said: “Our acquisition of Earl Mill in Oldham generates day one income and offers further significant potential to improve rental tone and develop new revenue streams through improvements to the site.
“Our BizSpace portfolio continues to benefit from the strength and asset management capability of the Sirius platform and, building on the momentum we have achieved so far in 2024, we already have a healthy pipeline of acquisition opportunities in Germany and the UK for this year.”
