Gladman Developments report early deals at Oldham Office Park - MIDAS

Gladman Developments report early deals at Oldham Office Park

1 May, 2008 – Gladman Developments report early deals at Oldham Office Park

Gladman Developments has sold 14,000 sq ft of office space at Howarth Court, the £8.5m speculative scheme completed in March on Oldham Broadway Business Park.

Orion Engineering and investor Assetz have acquired units 2 and 3 respectively, both of 5,250 sq ft, while Acumen has acquired units 7 and 8, both of 2,250 sq ft. All purchases were on a long leasehold (999 years) basis at a quoting price of £155/sq ft.

The deals leave four buildings available; of 25,500 sq ft, 10,070 sq ft and two of 2,250 sq ft.

The swift success of the 55,000 sq ft scheme shows the latent demand in the area, according to Jacqui Bayliss of Gladman Developments: "These sales show that there is a strong demand for new purpose-built office space in Oldham and particularly at Oldham Broadway Business Park which is rapidly establishing itself as East Manchester’s premier business park.

"The new occupiers were also attracted by Howarth Court’s good access to junction 21 of the M60 and the motorway network and the area’s excellent demographics.

"There is an active working population of more than 550,000 living within 40 minutes of Oldham, so we believe that Howarth Court will continue to help attract new employers to the area, as well as providing purpose built, high quality office accommodation for growing local companies."

The 10,070 sq ft and 25,500 sq ft buildings are available for lease either in their entirety or on a floor by floor basis, respectively from 3,270 sq ft and from 8,410 sq ft. The entire buildings are for sale on a long leasehold basis.

Prices to purchase buildings at Howarth Court are based on £155/ sq ft, with quoting rents around £13.50/sq ft. Joint agents are King Sturge and P3 Property Consultants.

Source: Place Northwest


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