A 173,000 sq ft Manchester warehouse is being offered for sale for £10m as owners make a cautious post-Referendum return to the market.
WHR Property Consultants has been appointed by the owners, T-Cut manufacturer Tetrosyl, to dispose of Galaxy173 – a 173,700 sq ft modern, detached warehouse in Chadderton, Greater Manchester. The self contained building is situated on an 11.4 acre site and quoting rental level of £4.75 per sq ft or to acquire the freehold for offers in region of £10 million.
Mike Rooney, Partner at WHR, said: “This building represents a rare opportunity to acquire a freehold, self contained building in Greater Manchester – close to the M60 and less than five miles to Manchester city centre – and to take advantage of the continuing buoyant industrial market. With demand remaining strong and an ever diminishing supply of good quality buildings in the right location, together with the fact that the building has the potential to be extended by a further 55,000 sq ft, Galaxy173 is an excellent investment for either an owner occupier or investor.”
Specialists said vendors and investors were holding back on warehouse sales ahead of the 23 June vote, and had predicted a tidal wave of investments to reach the market on 24 June if the UK voted to remain in the European Union. They say some sales can be held back no longer, and will test the post-vote market’s appetite for investing in sheds.