Orbit Developments, through its investment business North West Portfolio, has acquired Kingsgate House in Stockport town centre from Kames Capital.
The 77,000 sq ft Kingsgate House, located on the A6, becomes Orbit’s 13th property in Stockport and takes its ownership within the town centre to more than 400,000 sq ft. The sale price was undisclosed. The building was once owned by Network Space, who sold to Kames around four years ago.
Slightly more than 13,000 sq ft is currently vacant at the building, where quoting rents are £12.50/sq ft. Orbit said that “though well tenanted, the modest availability within Kingsgate House provides further size options for existing Orbit customers and new businesses to the town”.
The new owner said that it is currently engaging with existing tenants as part of a review of the property. Rhys Owen, leasing director at Orbit, said: “The acquisition of Kingsgate House is a major statement and it’s great to finally get control of the building.
“The success we have seen with customers growing and being attracted to Stockport over recent years has been significant in the purchasing decision and this opportunity was one we were keen to take.”
Occupiers include the NHS and Fichtner Consulting Engineers. JLL, leasing agent under Kames, has been retained by Orbit. Orbit was advised by Colliers on its purchase.