A 151,000 sq ft logistics site located between Bury and Radcliffe in North Manchester has been bought by Rayburn Trading from Clearbell Property Partners.
The plot off Bury Road houses a 142,000 sq ft Morrisons distribution centre and a 7,000 sq ft two-storey office building. Morrisons has a lease until 21 April 2027. It is understood that Rayburn eventually aims to utilise the site for its own usage.
The rental price is £625,000 per year, which represents £4.14/sq ft.
Offers were initially sought in excess of £6.9m, slightly above the final sale price of £6m.
Clearbell Capital is a real estate fund management and advisory business, and Clearbell Property is its property investment arm.
Rayburn Trading is a discount retailer which sells toiletries, confectionery, household, food and drinks at wholesale value.
Clearbell acquired the asset in 2014 as part of the Nevado Portfolio which aimed to make deliveries easier for retailers close to major cities. Bury Point is the last of the Nevado Portfolio to be sold.
Dominic Moore, head of asset management and ESG director at Clearbell Capital, said: “The realisation of the last asset in our aggregator portfolio demonstrates the sustained demand for prime logistics space in good locations.”
DTRE and BCRE advised Clearbell on the sale.