Crossbay acquires Irlam sheds for more than £11m
Buccleuch Property has sold 84,000 sq ft of industrial space at Northbank Industrial Estate to the acquisitive investor.
The circa £11m deal is Crossbay’s first North West acquisition following two recent purchases in Yorkshire.
The firm is active in the urban logistics market across Europe and owns assets in Paris, Milan, and Barcelona, as well as Irlam.
Buccleuch Property acquired the units, let to Venesta Washroom Systems and Acdoco, in 2016 from Standard Life for £4m.
The Irlam scheme comprises two semi-detached warehouses totalling 83,923 sq ft, let with an average unexpired lease term of over 11 years.
The property is located between Junction 11 of the M60 and Junction 20 of the M6 in Irlam.
Zaman Roberts advised Buccleuch Property. Knight Frank advised Crossbay on the acquisition.
Craig Barton, partner at Knight Frank, said: “This was an important acquisition for Crossbay and a sign of their belief in the strength of the North West logistics market.
“They are keen to expand further and we would be interested to hear of any further opportunities.”
Adam Roberts, co-founder of Zaman Roberts added: “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.”
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