Langtree stays ahead of the game with new acquisition
Langtree's property investment arm, Langtree Commercial Property, has added to its 2.2m sq ft portfolio with the acquisition of a 42,000 sq ft industrial unit in Oldham, home to gaming machine suppliers Global Draw Ltd.
Langtree’s property investment arm, Langtree Commercial Property, has added to its 2.2m sq ft portfolio with the acquisition of a 42,000 sq ft industrial unit in Oldham, home to gaming machine suppliers Global Draw Ltd.
The self-contained building, Unit 2, The Causeway, at Oldham Broadway Business Park has been acquired for £.1.7m, representing a net initial yield of 9.5 per cent.
Global Draw took a ten year lease on the unit in March this year, becoming the building’s first tenant, which was speculatively developed in 2008.
Richard Ainscough, managing director of the investment arm, says: “This is a fantastic buy for us, further strengthening our already diverse and modern property portfolio.
“Coupled with our acquisition in Trafford Park in May, this demonstrates our appetite for quality industrial investment opportunities in the north of England.”
John Downes, group chief executive, says: “It is encouraging that just as the economic environment is starting to improve we are in a sound position to push forward and make progress in all our group operations”.
The acquisition takes the value of Langtree’s investment portfolio to just under £115m, managed from the company’s offices in St Helens and Doncaster.
Langtree was represented by WHR Property Consultants.