Quorum snaps up Oldham industrial

Aberdeen Standard Investments, represented by Savills, has sold Unit 6 at Broadway Business Park in Chadderton, Oldham to Quorum for £6.33m.

The vacant 103,600 sq ft distribution facility has been fully refurbished and sits on a 5.4-acre site, featuring ground floor office accommodation and an extended yard.

Broadway Business Park is located three miles south west of Oldham town centre and offers access to the M60 via Broadgate and Gateway Crescent. Nearby occupiers include Kitbag, GSI Commerce, Costco and Great Bear.

Stuart Murray, industrial director at Savills, said: “We are pleased to have secured the sale of this high quality distribution facility on behalf of Aberdeen Standard Investments. The excellent connectivity of the park will appeal to a wide range of regional and national occupiers, offering excellent rental income potential.”

Quorum was unrepresented. BCRE acted jointly with Savills.

Cheshire-based Quorum has also acquired a further Broadway holding, in the form of a 17,000 sq ft warehouse let to Wincanton on Broadgate.

The purchase was made from a private investor in an off-market deal for £1m, reflecting a net initial yield of 7.75%.

Paul Wardle, managing director of Quorum, said: “Following the sale of our industrial portfolio last year, we have been looking for the right opportunities to build up our new portfolio.

“We have a strong track record in the industrial market and are keen to rebuild our presence and ownership in this sector.  We are currently looking at number of other potential acquisitions as well development opportunities across the North West.”