Northern Quarter sites up for grabs with Pugh

12 October 2017 08:44 Comments (1)

Development opportunities in and close to Manchester’s Northern Quarter are among the lots for sale at Pugh’s next North West auction, which will be held on 17 October at the AJ Bell stadium.

The first is a warehouse that was formerly home to the T Barlow Brothers umbrella factory. This grade two-listed five-storey 14,000 sq ft building off Cable Street is being offered for sale, with planning consent in place for redevelopment into nine apartments.

The building sits within the area between Rochdale Road and Oldham Road due to be subjected to a public realm overhaul, being at the heart of the Northern Gateway housing zone. The guide price is £1.5m.

Oldham Street’s former United Footwear shoe shop will also be included in the auction. The 15,000 sq ft building also has a guide price of £1.5m and is described as having development potential.

Pugh managing director Paul Thompson said: “It’s rare for two properties with such great potential in the sought after Northern Quarter to appear in the same auction and they are attracting a great deal of interest from investors across the UK.

“The area is fast becoming a cultural and economic hub and these two buildings look set to generate substantial returns with the right development. The strong momentum for savvy investors to look to the north for value-for-money opportunities is continuing apace and we’re expecting both our North West and North East auctions this month to be extremely well attended.”

Also due to go under the hammer are two former NatWest Bank buildings in Oldham, a sign of the ongoing trend for bank and building society branch closures. The buildings, on Hollinwood Avenue in Chadderton and on the High Street in Uppermill, Saddleworth, have guide prices of £100,000 and £250,000 respectively.

Established 25 years ago, Pugh was acquired by property consultancy Eddisons last year and now has a team of 36 staff. The firm sold £100m of property at auction in 2016.

The full catalogue is available to view online.