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CERT property sell industrial and office scheme in Failsworth

We have sold a 72,306 sq ft industrial and office scheme in Failsworth.

Phoenix Mill has been sold in an off-market deal for £1.75m to a private investor, reflecting a net initial yield of 11.5 per cent.

We acquired the multi-let property, which sits on a 3.5-acre site and is located on the junction of Cheetham Street and Oldham Road, from receivers less than 12 months ago.

Howard Lord, our managing director, said: “Upon acquiring the previously neglected buildings, we immediately implemented a strategic plan to asset manage the property and quickly let the vacant units to local occupiers and re-geared a number of existing leases, improving the rental income significantly.

“The success of lettings at Phoenix Mills and what we have managed to achieve reflects our understanding of the local market and what occupiers and investors are looking for.”


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