Oryx makes Ashton-under-Lyne industrial buy
Making the first investment from its £100m industrial fund, the investor and development partner Pembury intend to deliver a five-unit scheme on a 9.3-acre site.
Oryx Real Estate Partners said the units at the scheme will range from 9,300 to 54,000 sq ft within a “high-quality business park environment”. Contracts have now been exchanged.
The units are planned to achieve target EPC A and BREEAM Excellent ratings. The project will be delivered alongside specialist development partner Pembury Real Estate, with Oryx responsible for investment execution and ongoing asset management.
Place understands that planning consent is yet to be secured for the project. CBRE advised the vendor, a private client, with Colliers providing occupational advice to the buying partnership.
Kühlhaus is the project’s designer. Trowers & Hamlin provided legal advice.
Oryx said that the acquisition also includes a secure 1.7-acre plot and a 2,900 sq ft building suitable for a variety of low density and edge of town centre uses, including industrial open storage.
The brownfield site is described as having good access to both Junction 23 of the M60 and Junction 3 of the M67.
Oryx closed its fund last summer with £100m of deployable capital, targeting an average net IRR of 18%, with the fund focused on development opportunities in well-located supply-constrained UK markets. The fund will continue deploying capital throughout 2026 across a broad pipeline of opportunities across the sector, the firm said.
“Greater Manchester has been one of the best performing urban markets in the UK and features high up on the shopping list for many investors. Due to a constrained land supply the Ashton sub-market has seen very little new space delivered for a number of years and we expect to benefit from pent-up demand” said Oliver Bycroft of Pembury Real Estate.
Johan Eriksson, managing partner at Oryx Real Estate Partners, added: “This transaction marks a strong start for the fund and reflects our focus on well-located, supply-constrained industrial and logistics markets. Ashton is a compelling sub-market, and we are pleased to be working alongside Pembury to deliver high-quality, sustainable space in an area where occupier demand remains robust.”
Gail White, managing associate in Trowers’ real estate team, said the deal had been a “real team effort”, adding: “It will allow the currently vacant brownfield site to be repurposed, creating high-quality space to support job creation and further economic growth.”
As funding partner, Oryx has worked with industrial developer Pembury before, including a deal agreed for a £40m scheme in Feltham last year.
