Eric Wright sets out £100m five-year plan
The Lancashire property and construction company is aiming to build up a £100m portfolio, the news coming on the back of three deals that leave it with a portfolio of £64m.
Eric Wright has acquired two assets and released another. In the first buy, it has completed the £2.33m off-market acquisition of Middleton Trade Park in Greater Manchester from Alden Green, at a yield of 6.7%. The 24,000 sq ft trade counter estate comprises 13 units and brings in an annual rent of £164,000 per year.
The Bamber Bridge-headquartered business has also acquired Quantum House in Royton, Oldham for £2.77m in a sale and leaseback deal with Quantum Profile Systems.
Located on Salmon Fields, the headquarters/industrial building comprises 48,122 sq ft and has been let on a 15-year lease. The purchase achieved a net initial yield of 7.1%. Wildbrook CRE advised Eric Wright on both deals. Lambert Smith Hampton represented Quantum.
The building Eric Wright has disposed of is the Wool Exchange, a 34,600 sq ft grade one-listed building in Bradford, bought by Cartmex for £1.6m. Located opposite the Broadway Shopping Centre, the building comprises a mix of retail and office accommodation.
Constructed in the mid-19th century as the trading floor for the local wool industry, the Exchange was bought in the late 1990s by EWG’s development arm Maple Grove, which refurbished it and introduced occupiers including Waterstone’s.
Patrick Naylor, group portfolio manager, said: “Our focus is on building and strengthening the portfolio through strategic acquisitions, development and further investment. The group’s property portfolio is currently valued at £64m, which is invested in 37 properties, primarily located in the North West.
“The disposal of assets such as Barnett House in Manchester, which we sold to Canada Life last year for £7.825m, contribute to our overall strategy to rebalance our portfolio in the right sectors and reinvest our monies in areas where we see resilience and the potential for further growth.”
