Urban Splash buys in Openshaw
Advised by Avison Young, Urban Splash has acquired a 28,500 sq ft industrial unit and 3.5 acres of land at the Clayton Industrial Estate in Openshaw, its ninth site purchase in the last two years.
The industrial unit is let to Brand Infrastructure & Energy Services, and many of the units across the site are in individual ownership. Colliers marketed the site on behalf of the vendor, and Urban Splash completed the exchange and acquisition in 24 working days.
Nathan Cornish, director at Urban Splash, said: “Our financial position and ambition for investment or development opportunities means that we continue to add to our portfolio when the right assets come along; we are fortunate to have access to substantial funds to acquire assets for cash, along with a great team and quick decision-making culture that can move quickly when we identify an asset we like.”
The developer reported a profit of £6.5m in its most recent annual results, covering the year to 30 September 2017, with cash reserves up to £17.3m, up from £13.9m a year earlier.