Davies Harrison sells 340,493 sq ft Oldham Mill to Residential Developer

Acting on behalf of The Character Group Plc, Davies Harrison has sold a 340,493 sq ft multi storey mill in Oldham to leading North West property developer, Kellen Homes – a wholly owned company of Renaker – on an unconditional basis for £3.5 million.  The deal completed in less than six weeks from agreeing terms.

Kellen Homes plans to redevelop the site to create a new residential destination for the region – its first residential development venture outside of Manchester city centre.

Rick Davies of Davies Harrison states: “Kellen Homes’ speculative purchase of this mill is indicative of its confidence in the area, which continues to benefit from significant investment.  The majority of interest we received in this property was from developers as the mill had come to the end of its economic life.   We had a number of offers for this building but Kellen Home’s ability to move quickly on an unconditional basis made them the optimum purchaser.”

Mark Calvert of Kellen Homes comments: “Kellen Homes is excited to have acquired this redundant Brownfield site. We aim to develop the site into a multi-tenure, sustainable development which will provide much needed high quality housing. The development will cater for a range of occupiers, including families, couples and individuals. Our proposals will facilitate the regeneration of the site and inject much needed investment into the local area.”

Mike Coulter of Grasscroft represented Kellen Homes.