RLAM offloads Cheadle offices
Property Alliance Group has sold 35,000 sq ft of offices at Hercules Business Park in Cheadle on behalf of Royal London Asset Management, for whom it managed the asset, for £5.125m.
The buyer was Leeds-based Crookshank Properties.
The park sits just over a mile from the M60 on Bird Hall Lane and totals 57,547 sq ft as a whole. PAG has asset managed Hercules since 2007, during which time four buildings spanning 22,343 sq ft have been sold to owner occupiers.
The remaining four buildings, totalling 35,204 sq ft, are let to tenants including Woodcroft Veterinary Group, Thermotech Solutions, WNS Global Services and DSG Financial Services.
Alex Thomas, development surveyor for PAG, said: “Working with agents GVA and JLL, we have secured significant sales and lettings at Hercules Business Park since we were appointed asset managers. This reflects the strength of the occupier market in south Manchester, which is fuelling investment.
“The scheme now offers significant potential for rental growth as well as future development as also features amenity space at the front of the estate.”
King Street Commercial worked in partnership with Alliance to secure the sale.
