Bids of £11m sought for Manchester development site
Axa Investment Managers has put Downing Street Industrial Estate in Ardwick up for sale, a plot that will be of interest to both industrial investors and residential developers.
The 74,000 sq ft industrial scheme is currently home to Royal Mail, Speedy Asset Services, and Clear Channel and generates a passing rent of £500,000 a year.
A sale at Axa’s the £11m asking price would reflect a net initial yield of 4.27%, which is in line with other industrial sales that have completed this year, including Mileway’s acquisition of Eagle Park in Warrington.
The site is located between two of Manchester’s largest regeneration schemes – Mayfield and ID Manchester – and would lend itself to redevelopment into a high-density residential cluster, according to marketing materials.
A massing study undertaken by Matt Brook Architects shows the 3.5-acre site could take a 46-storey tower as part of an 818-home development.
Vacant possession could be achieved in early 2028. Axa has appointed CBRE to market the site for sale.
Crikey. There are times like this I wish I had £11m in the bank. Bargain.
By Darren
At last a ‘Brown Field’ site has been offered for both business & housing. Keep looking more might be found only this time. Make sure it’s outside either Number 10 Downing Street or The House of Parliament. Maybe then MPs might think about the planning laws.
By Evie