Tameside industrial sells for £3m+

Greenside Trading Centre in Droylsden has changed hands, with Up North Developments paying more than the guide price to add the 100,000 sq ft estate to its portfolio.

The fully let Greenside Trading Centre sits off Greenside Lane. Formerly known as the Beehive Works, it was built in the 1900s by the Co-operative.

Greenside Trading Centre comprises four blocks – of which three were included in the sale. The one that was left out is part of a separate title and home to a veterinary practice.

The three buildings that were part of the deal have 28 lettable units between them, all of which are occupied and generating an annual rent of £291,700.

The building with the most tenants is known as the Mill. It has four storeys and 11 tenants. The other two have seven and 10.

In addition to the 28 lettable spaces, Greenside Trading Centre includes 14 storage containers and several open storage compounds.

Nolan Redshaw had been marketing the property on behalf of a private client with a guide price of £3m. A purchase at that rate would have reflected a net initial yield of 8% with a revisionary yield of 14%.

Regarding Up North’s latest purchase, acquisitions director Mike Procter said “The Greenside Trading Centre is a fantastic addition to our portfolio.

“Its strong tenant mix and excellent location present both solid income streams and significant potential for future growth,” he continued.

“We’re excited to take ownership of this thriving asset and look forward to enhancing its value further.”

Harry Bowers was one of the Nolan Redshaw agents advertising Greenside Trading Estate. He said: “This transaction highlights the growing demand for city-fringe locations, where investors are increasingly recognising long-term value.

“We are pleased to have secured a positive outcome for our client, matching the right purchaser with the right opportunity”.

Fellow Nolan Redshaw agent Jonathan Pickles said: “We’re proud to have delivered an excellent result for our client. The purchasers will benefit from a gross yield of circa 8% across 28 Individual units, 14 storage containers and yard/parking areas.

“Due to Greenside Trading Centre’s town centre location, the new owners do also benefit from a realistic development potential on the 2.5-acre site.”

Up North was unrepresented on the deal.