NOV Mono acquires former BAE site in Oldham
The pump manufacturer has taken 442,00 st ft at Satellite 330, Chadderton, from landlord Royal London Asset Management.
Jones Lang LaSalle advised NOV Mono on the letting – the region's biggest deal of the year.
NOV Mono, owned by National Oilwell Varco, has acquired manufacturing, distribution and office headquarters at the site, formerly home to BAE Systems.
Joint agents CBRE, GVA and B8 represented the fund in the sale of part of the scheme to the Nov Mono, who are relocating from Audenshaw.
The company, which manufactures pumps for use across a range of industrial and mineral extraction processes, expressed the need for larger premises capable of housing advanced production lines.
Paul Naylon, NOV Mono group managing director, said: "This move has been prompted by the fact that we have outgrown our existing premises. Over recent years we have been expanding our product range and enjoying increasing success, particularly in the wastewater and the oil and gas industries.
"We are grateful to the efforts of Oldham Council which played a very significant role in helping to secure some of the funding for the move. This is an exciting development and it represents a great vote of confidence in the tremendous workforce that we have."
John Lafferty, associate director, planning and development, at Jones Lang LaSalle in Manchester, said: "It's vital for the region's economy that growing businesses like NOV Mono are able to continue to invest and expand within the North West as this deal enables them to.
"We are seeing more activity from the manufacturing sector with a number of fast-growing companies actively looking for new space. The trend is leading to a scarcity of large strategic sites and buildings capable of facilitating this growth.
"Jones Lang LaSalle have just completed two further significant manufacturing transactions in Rochdale and Oldham in the past couple of weeks demonstrating the increased activity in the sector."
Paul Cook, director at CBRE, said: "The sale of warehousing and offices to NOV Monos emphasises the strength of North West manufacturing companies who continue to grow their businesses despite difficult economic conditions."