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Manchester properties 'to go under the hammer'

29/06/2009


A number of industrial properties in the Manchester area are to go under the hammer.

On July 16th, the properties will be auctioned off at an event in London, Crain's Manchester Business reports.

The buildings are up for sale following the collapse of the Edinburgh-based Dunedin Property Industrial Fund.

According to Simon Bailey, a member of King Sturge's auction team, the initial response to the portfolio has been good, although no single buyer has come forward with an offer.

He added: "We had tried to shift the portfolio as a whole and contacted buyers that we thought would be interested, but although the market is coming back slightly, equity-funded purchasers are still rare and debt is hard to get."

It was therefore decided to break up the portfolio and send it to auction in chunks, Mr Bailey said.

With more than 3,800 members of staff, King Sturge is an independent property consultancy.
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