Buccleuch Property has offloaded Irlam Business Park in Greater Manchester to Crossbay, the pan-European urban logistics platform of private equity real estate manager Mark.
The site, providing 83,923 sq ft of warehouse space across two buildings, has changed hands for in excess of £11m. The buildings are fully let to two tenants with an average unexpired lease term of more than 11 years.
The park, which Buccleuch bought from Abrdn in 2016 for £4m, sits between junction 11 of the M60 and junction 20 of the M6. The purchase marks Crossbay’s first move into the North West, following two recent acquisitions in Yorkshire.
Philip Eves of Buccleuch Property said: “We continue to focus on value-driven, strategic acquisitions that align with our long-term vision for sustainable growth.”
Adam Roberts of Zaman Roberts, which advised Buccleuch Property, said: “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.”
Knight Frank acted on behalf of Crossbay.
Send feedback to Evelina Grecenko
Follow Estates Gazette
