Tandem acquires 34,000 sq ft Irlam shed

The unit off Ferrous Way, Northbank Industrial Park, was bought from AEW for an undisclosed sum and had an asking price of £2.75m.

Sitting on a 1.2-acre site, the 33,732 sq ft unit is let to catering butcher firm MJ Birtwistle & Co on a lease expiring in April 2038.

The purchase gives Tandem a passing rent is £205,837 per annum, equating to £6.10 per sq ft. The Northbank unit in Irlam serves as MJ Birtwistle’s UK headquarters.

Chris Lloyd, director at Tandem Investments said: “Northbank Industrial Park is a prime industrial location.

“The passing rent is significantly below its market value and combined with its location the business case to acquire was compelling.

“We look forward to working with the tenant to improve the asset over time.”

Tandem Investments was represented by Zaman Roberts and Avison Young. AEW was represented by Cushman & Wakefield.

Acting on behalf of Tandem, Rehan Zaman from Zaman Roberts said: “Following the purchase of Ashbridge on Trafford Park, we are pleased to have advised Tandem on a further deal in Irlam.

“These are two of the best industrial locations in the North West and position our client well to make excellent returns.”