The Manchester office of leading commercial property agent, Eddisons has demonstrated that success most certainly breeds success having won two new instructions as a direct result of a successful first deal.
Eddisons was initially instructed to sell the long leasehold interest in Unit M1 Cody Court, Kansas Avenue in Salford off a guide price of £60,000. Following a quick marketing campaign, the 1,300 sq ft property was sold to the A&S Group of Companies as the new headquarters for its software writing subsidiary company.
Shortly afterwards, the A&S Group opted to let its new property and instructed Eddisons to find a tenant. Within a month this had been achieved, with Independent Lighting Specialists signing a five-year lease off an asking rent of £10 per sq ft.
Finally, and following Independent Lighting Specialists’ relocation from 51-57 Liverpool Street, Salford to Cody Court, the owner of the Liverpool Street property instructed Eddisons to sell the now vacant premises. Following a two-week marketing period, during which the company was inundated with enquiries, the 4,983 sq ft industrial warehouse and office was sold to constructional fixing distributor, KMG for a sum well in excess of the £325,000 asking price.
Eddisons’ Stephen Capper commented, “a chain of deals is not uncommon, but it’s exceptionally unusual for one to follow so quickly on the back of another. That said, there is a lack of freehold properties currently available in the area and as a result when one does become available it will sell quickly and well – with owner-occupiers often outbidding investors to secure it. As a result, those seeking to sell are not hesitating in putting their properties on the market.”