Sirius Real Estate makes £5.7m Oldham purchase
Earl Mill Business Park offers 174,000 sq ft of warehouse and office space off Dowry Street.
Sirus Real Estate has acquired the site from East Central Property for £5.7m and will operate the 3.8-acre Earl Mill under its BizSpace brand, generating a net operating income of £844,000 per year from a 95% occupancy rate.
The purchase price represents a net initial yield of 13.9%. The site holds the potential for further gains through the leasing of vacant space and future development.
BizSpace, which runs sites countrywide, also operates nearby at Hollinwood, giving it a foothold in the local market.
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Andrew Coombs, chief executive officer of Sirius Real Estate, said: “Our acquisition of Earl Mill in Oldham generates day one income and offers further potential to improve rental tone and develop new revenue streams through improvements to the site.
“Our BizSpace portfolio continues to benefit from the strength and asset management capability of the Sirius platform and, building on the momentum we have achieved so far in 2024, we already have a healthy pipeline of acquisition opportunities in Germany and in the UK for this year.”
The purchase is Sirius’ first acquisition in the North West.
