Greater Manchester Pension Fund (GMPF) have purchased from Rock Co Ltd the Vita Group’s Global headquarters in Middleton to for £20.225m, reflecting a Net Initial Yield of 7.15%.
CBRE acted for the vendor and Avison Young acted for the purchaser.
Vita Group’s headquarters occupy a 16.9 acre site and incorporate a total 590,000 sq ft of manufacturing facilities, distribution warehouses, R&D facilities and office accommodation as well as their global innovation centre.
The company has been based at the site since 1955 and has invested over £10 million on the facility in the last three years. The properties within Vita Group’s headquarters are currently leased with the agreement of annual RPI uncapped rent reviews for a further six years with the option to renew their existing lease for another 15 years.
Located on Oldham Road in Middleton, which is one of Greater Manchester’s premier industrial and distribution locations, the site also offers excellent redevelopment potential in the long term.
David Winterbottom of Avison Young commented; “We are delighted to have completed this acquisition on behalf of our retained client which continues our investment programme across the North West and West Yorkshire.”
Will Kennon of CBRE who advised upon the sale commented; “The nature of the investment with uncapped annual RPI indexation has become even more sought after in recent months, driving competitive bidding to levels in excess of quoting price”.