Langtree buys Oldham shed

Langtree Commercial Property has added a 42,000 sq ft industrial unit in Oldham to its extensive investment portfolio.

Home to gaming machine supplier Global Draw, the self-contained unit at The Causeway, Oldham Broadway Business Park was bought for £.1.7m from an undisclosed vendor, representing a net initial yield of 9.5%.

Global Draw took a ten-year lease on the unit in March this year, becoming the building's first tenant. The building was developed speculatively in 2008.

Richard Ainscough, managing director of Langtree's investment arm, said: "This is a fantastic buy for us, further strengthening our already diverse and modern property portfolio.

"Coupled with our acquisition in Trafford Park in May, this demonstrates our appetite for quality industrial investment opportunities in the north of England."

John Downes, group chief executive of Langtree, said: "It is encouraging that just as the economic environment is starting to improve we are in a sound position to push forward and make progress in all our group operations."

The acquisition takes the value of Langtree's 2m sq ft investment portfolio to nearly £115m, managed from the company's offices in St Helens and Doncaster.

Langtree was represented by WHR Property Consultants.