Cert Property has sold Phoenix Mills for £1.8m in an off-market deal to a private investor, reflecting a net initial yield of 11.5%.
The group acquired the 3.6-acre development off Cheetham Street and Oldham Road from receivers less than 12 months ago. It provides 39 industrial units and is home to more than 20 tenants, including Avic Trading. In total, the tenants generate around £216,000 per year in rent.
Planning permission was granted in 2013 to redevelop the site for housing use, but this has since lapsed.
Howard Lord, managing director of Cert Property, said: “Upon acquiring the previously neglected buildings, we immediately implemented a strategic plan to asset manage the property and quickly let the vacant units to local occupiers and re-geared a number of existing leases, improving the rental income significantly.
“The success of lettings at Phoenix Mills and what we have managed to achieve reflects our understanding of the local market and what occupiers and investors are looking for.”