UK and European property management firm Oxenwood Real Estate has bought a Greater Manchester logistics estate for £19m.
The 12-acre Rhodes Business Park has been acquired by Oxenwood Logistics Fund 1 SLP, a discretionary fund managed by Oxenwood Real Estate, from a retained pension fund client of CBRE Capital Advisors.
The park sits by junction 19 of the M60 orbital motorway in Middleton. it includes nine urban logistics buildings and one office building, which total 192,127 sq ft and are fully let. It has six tenants, including Technical Textures Services, at an average passing rent of £4.46 per sq ft. The weighted average unexpired lease term is three years.
The site also includes 1.5 acres of potential development land.
Jeremy Bishop, co-founder of Oxenwood, said: “This transaction provides the fund with a well-let and reversionary logistics asset in a proven urban logistics location, where occupier demand is very strong. There are value-add opportunities to work with the tenants to regear leases and to develop the excess land”.
Oxenwood was advised by DTRE and CBRE Capital Advisors was advised by CBRE.
