Evermark Properties has acquired the 250,000 sq ft building and extended the stay of tenant Manchester Storage by a year.
Davies Harrison was instructed as sole agent by outgoing owner Reliance Properties to dispose of the former spinning mill site, which sits on a five-acre plot close to the A663 Broadway.
Manchester Storage, which occupies the whole of the grade two-listed building, has renewed its lease for a further 12 months from the date of the deal, paying £220,000 for the year.
Evermark, a local business registered in Prestwich, said it plans to ultimately move into part of the mill as part of its long term expansion strategy.
Rick Davies, director at Davies Harrison, said: “This was a complex sale for a grade two-listed building, particularly as it was agreed during lockdown. However, we were able to negotiate a deal that suited all three parties involved.
“We are seeing a real surge in demand for not only brand new accommodation but second hand cost-effective accommodation, particularly for storage and distribution facilities. We have completed a number of mill sales in the last few months, developing a unique approach to this niche sector of the property market.”
The deal comes as plans emerge for apartments at Thornham Mill in nearby Royton.