Pitalia Real Estate has completed the acquisition of two retail warehousing units on Ashton Old Road in Manchester, in a move that further expands its footprint in the North West.
A popular outlet of homeware retailer Matalan and charity Sue Ryder currently occupies the two modern warehousing units, totalling 55,221 sq ft, acquired from Capreon, the Noé Group’s real estate investment and advisory arm.
The 3.72 acre site is highly prominently positioned just 2 miles outside of Manchester city centre, and is passed by around 18,300 vehicles every day.
Greg Ball, Development and Investment Director at Pitalia Real Estate, said: “In the short to medium term, this site meets all our criteria from an investment perspective with strong performing tenants. In the long term, the site offers significant potential - situated on one of the main arterial routes into Manchester city centre. There’s a limited supply of available sites such as this so close to the city centre.
“Since launching Pitalia, one of our primary objectives has been on finding strong performing investment assets - with ‘value add’ opportunities across a range of sectors and locations.”
Zvi Noé at Capreon said: “We are pleased to have worked with all parties and wish Pitalia’s team every success as the new owners of the warehousing unit on Manchester’s Ashton Old Road.”
Scott Gemmell at OBI Property acted on behalf of Pitalia Real Estate, while Metis acted on behalf of Capreon.
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