Pitalia completes £6.2m Openshaw retail buy
The company has acquired a Matalan store and Sue Ryder outlet on Ashton Old Road on the outskirts of Manchester from Capreon.
Pitalia Real Estate’s £6.2m acquisition of the 3.7-acre Openshaw site sees the company’s portfolio grow to five assets totalling more than 340,000 sq ft.
The company has invested £30m in North West assets since it was established 12 months ago.
Greg Ball, development and investment director at Pitalia Real Estate, said: “In the short to medium term, this site meets all our criteria from an investment perspective with strong performing tenants.
“In the long term, the site offers significant potential, situated on one of the main arterial routes into Manchester city centre. There’s a limited supply of available sites such as this so close to the city centre.”
Scott Gemmell at OBI Property acted on behalf of Pitalia Real Estate, while Metis acted on behalf of Capreon.
The other sites Pitalia has acquired in the last year include the 35,000 sq ft Aeroworks in Manchester for £9.3m, and the 250,000 sq ft at Winsford Industrial Estate for £8m.
Pitalia is also under offer to acquire Hilti’s former headquarters on Trafford Wharf.
