The Manchester office of Chartered Surveyors Eddisons, has sold a major commercial property investment in Greater Manchester.
1 Henry Square in Ashton-under-Lyne which had an asking price of £6,350,000 has been acquired by an undisclosed party. Eddisons and the joint agent acted on behalf of Administrators Moorfields Corporate Recovery and completed the disposal within six months of instruction.
The property extends to approximately 49,000 sq ft. of which the anchor tenant, Pennine Care NHS Foundation Trust, occupies over 36,000 sq ft. In total 93% of space is currently let to three tenants. Gross annual income at the time of completion equated to £573,072.
The high specification three storey building was constructed in 2006 and formed part of the first phase of the St Petersfield regeneration scheme in Ashton town centre. The wider development will ultimately consist of 400,000 sq ft. of offices, shops restaurants and apartments.
James Cole of Eddisons said: ‘We are delighted to have concluded this deal and achieved close to the asking price on behalf of our client.
‘There was plenty of interest from a range of potential buyers which reflects the demand for good quality commercial investment stock in the North West.’
Richard joined Eddisons in 2003 and has been the Managing Partner since 2012, a role that sees him lead the strategic direction and development of the business under the ownership of Begbies Traynor Group plc. Richard has been instrumental in the growth of the business which has seen turnover more than double since 2008.
In addition to his role as Managing Partner, Richard continues to play a vital role with key clients, particularly in the banking sector, where he is a trusted adviser to major high street clearing banks. Over the last eight years, Richard has been appointed LPA Receiver on many high profile properties and assists in the recovery of distressed loan portfolios.
Prior to joining Eddisons, Richard worked in the real estate division of a 'Big Four' firm where his notable assignments included the privatisation of Saudi Telecom for flotation on the New York Stock Exchange.