North-west wholesaler Rayburn Trading has paid £6 million for the 151,000 sq ft Bury Point warehouse in Manchester.
It is thought that the wholesaler is looking to use the site for itself in the future. Currently the property is let on a 10-year lease to Morrisons supermarket. The lease, which runs to 2027, is used by Morrisons to service its contract with McColl’s newsagents.
The asset was acquired in 2014 as part of the Nevado Portfolio, which aimed to take advantage of the ‘last mile’ delivery challenge for retailers near major cities. Bury Point is the last asset from the portfolio to be sold.
Since its acquisition, the asset has undergone significant renovations, including the installation of flood protections.
Dominic Moore, head of asset management and ESG director at Clearbell Capital, said:“The realisation of the last asset in our aggregator portfolio demonstrates the sustained demand for prime logistics space in good locations.”
Clearbell was advised by DTRE and BCRE.