Clearbell sells Bury Point, Manchester, for £6m
Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, today announces the sale of Bury Point, Manchester, for £6m to Rayburn Trading.
Bury Point is a 151,000 sq ft logistics asset located 10 miles north of Manchester city centre. Clearbell secured a 10-year lease of the site 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.”
The purchaser, Rayburn Trading, a leading wholesaler in the north west, is a local owner-occupier and has purchased the asset with the intention of future occupation.
Clearbell was advised by DTRE and BCRE.