Oxenwood buys £19m logistics park in Rochdale
Rhodes Business Park in Middleton has a new owner.
Oxenwood Logistics Fund 1 SLP, a discretionary fund managed by Oxenwood Real Estate, purchased the 12-acre estate from an unnamed pension fund client of CBRE Capital Advisors. DTRE advised Oxenwood on the £19m deal, while CBRE acted for the owner.
Rhodes Business Park is fully let to six tenants, with a WAULT of three years. It offers tenants an average passing rent of £4.46/sq ft.
With 192,127 sq ft of space, including nine warehouses and one office building, Rhodes Business Park sits off Old Manchester Road. It is well situated by Junction 19 of the M60.
The park also has 1.5 acres of additional land that Oxenwood aims to develop in the future. The company also said it plans on regearing the current leases at the property.
Oxenwood co-founder Jeremy Bishop described how the acquisition of Rhodes Business Park boosted the brand’s portfolio.
“This transaction provides the fund with a well-let and reversionary logistics asset in a proven urban logistics location, where occupier demand is very strong,” Bishop said.
Oxenwood was founded in May 2014 and is based in London.