St Modwen has completed the sale and leaseback of a 36-acre chemical works in Eccles, Salford, Manchester.
The site was purchased from Akcros Chemicals Ltd in a simultaneous transaction involving the acquisition of Akcros from its previous owners by GIL Investments Ltd, a West Midlands-based private equity company.
Akcros has taken two occupational leases from St Modwen for 30 years and six years at a total rent of £840,000.
The site is stragetically positioned between Manchester Ship Canal and the busy town centre of Eccles which has seen much investment over recent years.
St Modwen will investigate the development potential of the 14-acre tranche at the western end of the site as the tenant has a break option which can be served from 2010 onwards.
Paul Batho of St Modwen said: “We are pleased to expand our portfolio in the North West via this strategically well positioned purchase. The property has both long term income and short term redevelopment opportunities.”
For further information contact Paul Batho of St Modwen (01925 825950). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).