MCR buys Old Trafford industrial site
MCR Property Group has acquired a 167,000 sq ft warehouse and office facility in Cornbrook, Old Trafford, from kitchen and bathroom supplier HFG for £7.5m.
The building, which sits on a 10.5-acre plot, is fully occupied by HFG, the parent company of Dolphin Bathrooms, Moben Kitchens, Sharps Bedrooms and Kitchens Direct.
The deal reflects a net initial yield of 9.5%. MCR Property Group has retained 1.5 acres of the site for future development.
Mark Hayes of MCR commented: "This is an important site owing to its strategic location, just off the Chester Road and close to the Metro. We believe it has excellent long term potential for further redevelopment and are currently considering building a number of smaller industrial units on the undeveloped land to the rear of the existing building."
MCR owns two office buildings which are situated directly opposite, 6 and 8 Brindley Road, where it has let the last remaining space to Telex Communications at £14.40/sq ft.
