Even the longest journey begins with a single step, and Lancashire contractor Eric Wright chose the North Manchestor (or South Rochdale, or West Oldham) suburb of Middleton as the modest starting point as it moves decisively into property investment.
Middy, the nickname of the anonymous district that gave birth to Alan Partridge creator Steve Coogan, the Manc-rock band The Corteeners and Henry IV's lord chancellor Cardinal Thomas Langley, represents the first £2.3M step in Eric Wright Group's plans to build a £100M North West-focused investment portfolio.
The Preston-based business has bought the 24K SF Middleton Trade Park in Greater Manchester from Alden Green Limited. The 13 units include Screwfix, and bring in an annual rent of £164K a year. The purchase achieved a net initial yield of 6.7%. EWG were advised by Neil Higson of Wildbrook CRE.
Pausing to sell the 35K SF office and retail complex at Bradford Wool Exchange for £1.6M, Eric Wright then bought Quantum House in Royton, a short bus ride from Middleton, for £2.7M. The 48K SF industrial block changed hands at a yield of 7.1%.
The Group’s property portfolio is currently valued at £64M in 37 properties which are primarily located in the North West.
“Our focus is on building and strengthening the portfolio through strategic acquisitions, development and further investment," Eric Wright Group Portfolio Manager Patrick Naylor, said.
"The disposal of assets such as Barnett House in Manchester, which we sold to Canada Life last year for £7.8M, 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.”
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