Major Bradford mill complex sold in £16 million deal
11 April 2007
On a 6.8 acre site Albion Mills has offices, retail and warehousing
One of Bradford’s best known office, retail and warehousing complexes, Albion Mills, Greengates, has been sold in a £16 million deal – £500,000 over the asking price.
The mixed-use property, which comprises 186,420 ft² of office, industrial, storage, leisure and retail space on a 6.8 acre site on Albion Road, has been acquired by Highcross Strategic Advisors Ltd, in a deal brokered by partner-in-charge of the Leeds office, Colin Fell.
King Sturge acted for Hanson Partners Ltd which had owned Albion Mills since 1950 and had invested in a £5 million refurbishment during the last ten years.
The complex has achieved a net annual rent of more than £1.1 million. Outline plans for a further refurbishment phase, including an extension by Speedmaster, have already been drawn up.
Albion Mills, a former textile mill, comprises Jade Building, a five-storey office conversion; Greenwoods Buildings, a refurbished mill and headquarters of Greenwoods Menswear Ltd; The Business Centre, for small enterprises; The Commercial Centre which incorporates warehouses, a Greenwoods factory showroom and café, and a self and archive storage facility.
Colin Fell says: “The sale of Albion Mills, and the interest received from a number of different parties, provides further evidence of the city’s long-awaited renaissance as a centre for property development and investment.
“This is a fine, sensitively-extended and regenerated property in a key location. It has significant scope for further extension and refurbishment which can significantly enhance its investment value for the new owners. We are pleased to have been associated with the transaction.”
