WUKPG buys vacant Oldham mill for £3.1m

Raven Mill in Chadderton is the developer/investor’s latest acquisition.

WUKPG has bought the 226,000 sq ft Victorian Mill from a private Dublin-based investor £3.1m.

The firm has already lined up a tenant for the asset. A Chinese distribution firm has signed a 10-year lease on the space.

The logistics firm will move into the building in the new year following a package of works that includes stripping out the conveyor plant and equipment across all five floors of the building, according to WUKPG.

Raven Mill was last occupied by GXO and sits on a 4.15-acre site off Raven Avenue.

The deal is the second time WUKPG has acquired a Victorian Mill in Greater Manchester. In 2020, the company bought the 77,000 sq ft Spur Mill in Stockport.

Oliver Lipson, managing director at WUKPG, said: “The Raven Mill acquisition represents good value in this market and given our ability to transact quickly we were able to secure the property at a price that will reflect a 15% yield once the property is tenanted.

“We will add further value during our term of ownership through further development and asset management.”

He added: “Raven Mill is a good representation of the current criteria for our investment portfolio and is one of the best condition Victorian Mills we’ve ever seen having had continued significant investment from GXO over the last decade.”

Myersons Solicitors acted for WUKPG on the legals. Sixteen RE represented WUKPG on the purchase and Savills acted for the seller.

Andy Backhouse, director at Sixteen, said: “We are delighted to have advised Oliver Lipson and WUKPG on this strategic purchase, which strengthens their thriving investment portfolio.”