173,700 sq ft Warehouse Sold to US Company
Manchester, UK – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has negotiated the sale of the North West’s largest freehold industrial deal of the year having disposed of Galaxy 173 – a 173,700 sq ft in warehouse in Chadderton, Manchester – on behalf of Tetrosyl Group Limited. An unnamed US household goods company has expanded its UK operation by taking the modern, single storey building, which was being marketed at £10 million.
Galaxy 173 is situated on a 11.4 acre site on Greengate in Chadderton just 1.5 miles away from the M60 in a well-established commercial area where neighbouring occupiers include Great Bear, Kitbag and Costco.
James Goode, Senior Surveyor at Avison Young, comments: “Since bringing this property to the market, we have had significant interest from a number of potential occupiers. There is a marked shortage of good quality freehold stock currently available and with demand from occupiers looking to own their own buildings remaining strong, we were able to secure a back-to-back deal to tie in with our client vacating in December.”
James continues – “The North West industrial market is increasingly subject to low stock levels of good quality buildings in established commercial areas in general, so it was no surprise that Galaxy went well. We anticipate continued demand from occupiers for existing buildings and given the lack of stock many of these occupiers will be pushed towards design and build solutions with the main factors uppermost on the occupier’s list being availability of skilled workforce and excellent transport links. As such we are seeing strong interest in sites we are marketing that meet these criteria and there is also increasing talk of a new round of speculative development to meet this occupier demand.”
Avison Young were the sole retained agent marketing Galaxy 173. Savills acted on behalf of the purchaser.