Scottish Widows sells Umbro HQ at Cheadle Royal

Orchard Street Investment Management has paid £12m for the headquarters building of Umbro on Cheadle Royal Business Park near Manchester Airport.

The 57,100 sq ft office was acquired from Scottish Widows Investment Partnership. Gary Felce, chief investment officer at Orchard Street, said: "We remain positive about the commercial property market following a significant re-rating over recent months, and expect to follow this deal with a number of others in the near future."

Cushman & Wakefield advised Orchard Street. King Sturge acted for SWIP.