Our investment team have supported the Agha Group, a Manchester based property company, headed by Agha Sameer Anwar and Muhammad Abdullah, to complete their second acquisition in a week.
Following the announcement of the addition of the Grade II listed office, Cobac House on Charlotte Street, Manchester, Agha Group have now added Ryecroft Mill, in Aston -under-Lyne to their portfolio.
The former cotton mill, constructed around 1834, provides over 90,000 sq ft of accommodation on a c1.7-acre site. The property was acquired by Weetabix in 1997 as part of their acquisition of Rycroft Foods but became surplus to their operational requirement following the cessation of production in February.
The sale was agreed following competitive bids with the vendor, Weetabix, advised by James Strong at Lambert Smith Hampton. Agha Group were again advised by one of our partners, Dominic Evans, and with legal advice provided by Joseph Brolly of Savage Silk Solicitors. The purchase price remains confidential.
Dominic said, “We’re pleased to have continued our support for Agha Group on another significant acquisition. The well-managed process and strong collaboration between all parties meant the deal was able to progress at pace and complete within two weeks.”
Agha Sameer Anwar, principal of Agha Group, commented, “Ryecroft Mill is an exciting addition to our portfolio. We are pleased to have secured a building that complements our existing mill holdings and adds to our growing commercial and residential portfolio.”
Agha Group are planning a residential conversion to provide much needed housing to the area.
Agha Group have an extensive mill portfolio following their acquisition of the 300,000 sq ft Houldsworth Mill, Reddish, also advised by Fisher German and the 317,000 sq ft Tulketh Mill, Preston last year.