Oldham has a diverse economy with a wide range of property opportunities. The last decade has seen an exciting and unprecedented level of development in the Borough.
The town centre has been transformed with two vibrant shopping centres, Town Square and Spindles, providing one of the largest covered retail areas in Greater Manchester. Further extensions of the retail core are in advanced stages with food, leisure and cultural facilities being developed. The Borough is also well served with out-of-town retail parks.
Development has not been confined to the town centre. Two major business parks, Salmon Fields and Oldham Broadway, are well established with household names such as Slumberland, Banner and Viking Direct being large occupiers of commercial space.
The opening of the final eastern section of the M60 is now having a wider impact in the regeneration of Hollinwood and parts of Chadderton and major new developments of business premises and offices are emerging from these neglected areas.
Office schemes in particular are becoming more prominent with developments being planned, both speculatively and for known occupiers, on the outskirts of 0ldham town centre and at the M60 junctions.
The Council’s Regeneration Department is committed to ensuring availability of land and property assists economic regeneration. Much has been achieved through effective partnerships between the public and private sectors. A wide range of joint ventures is now in place delivering innovative solutions and new partnerships will be encouraged to deliver future needs.
Typical rents on single storey space varies between £2.50/sq ft and £5.25/sq ft per annum. Multi-storey, multi-occupied space can be obtained for as low as £1.00/sq ft.
A series of multi-million pound investments has reaffirmed the growing strength of Oldham’s economy and commercial property markets.
London-based REIT Asset Management has bought the 180,000 sq ft (16,723 sq m) Town Square shopping centre in Oldham. It is believed to have paid Scottish Amicable, represented by Prudential, just under £40 million for the centre. The yield was close to 7.75 per cent.
The investment follows REIT’s May 2001 acquisition of the 24,600 sq m (265,000 sq ft) Spindles centre, Oldham’s other main shopping development. The centre is anchored by Debenhams, JJB Sports, Next and Superdrug and dominates Oldham’s retail core.
REIT’s plans for bringing the two centres together will make them very strong. They are already talking to retailers about taking new shops in the town. The Town Square centre has planning approval for a 161,000 sq ft (15,000 sq m) extension which could provide space to bring a new department store to the Borough.
Sainsbury's opened a new 50,000 sq ft store in the town centre in Spring 2004 and there are other major high street names which have also invested in the town. JJB Sports opened the first of its new health club chain at the Centre Retail Park, Oldham. Following the success of the Oldham store the company is now opening health clubs around the country.
The Council’s Property Development & Investment Division provides information on available sites and buildings which are for sale or rent. For further details on property information contact Emma Reading on 0161 770 4176, or email: emma.reading@oldham.gov.uk.
The opening of the M6O Manchester Outer Ring Road through the western half of the Borough has brought new vigour to the commercial and industrial property market. Sites in Oldham now enjoy better access to the airport, and the South Manchester and Cheshire markets. This is stimulating greater interest among developers.
Development opportunities have been realised at the strategically important M60 Manchester Road junction and a new business environment will be established over the next four years creating a range of opportunities for both business and employment. Northern Counties, Dean House PLC and Manchester Cabins are all developing sites in this area.
As demand for new business space around the orbital motorway grows, the Oldham Broadway Business Park, which has direct access to Junction 21, has become a focal point of the Borough’s commercial property market.
Developed by Oldham Council, the business park is home to a range of businesses including Viking Direct, Widdop Bingham, Banner, Astron, Wincanton, The Vehicle Inspectorate, Iron Mountain and Trouvay & Cauvin. There are three schemes currrently on site which will produce a further 7,000 sq m (75,300 sq ft) of business space both spectulatively and directly by individual companies. In the near future there are proposals for a further 6,000 sq m (64,500 sq ft) of business space to be created and the new 'state of the art' Police Headquarters is to be located at the frontage of the business park with construction works due to commence in Autumn 2004. This means that over 80,000 sq m (860,000 sq ft) will have been completed with a further 27,000 sq m (290,000 sq ft) planned once the park is fully developed, representing total private sector investment in excess of £50 million and jobs for over 1,500 people.
The Borough has a number of other modern business parks. Salmon Fields Employment Park in Royton with its easy access to the A627 (M) is the home of Slumberland, 3663, James Briggs, Quantum and Metool with a total area of 65,000 sq m (695,000 sq ft) developed. Currently under construction is the Salmon Fields Village which is a phased development. Phase I, consisting of 4 high quality office units, was completed in Summer 2004. Three further phases creating an additional 17 units are planned with the next phase due to commence in Autumn 2004. The scheme will provide a total of 3,700 sq m (40,000 sq ft) of new modern office facilities available for purchase.
There are plans to develop a further 6,000 sq m (64,500 sq ft) of business space on the last remaining area of land at Salmon Fields and it is hoped that this will be completed by the end of 2005. Employment at Salmon Fields is currently around 1200 and investment at over £45 million.
Office development is now growing in volume with modern offices being developed in a number of locations in the Borough including the Council’s Southlink Business Village which has four modern office buildings. Currently on site is Gladman Developments, who are developing a scheme which will provide 3,700 sq m (40,000 sq ft) of new modern office space which will be available from Autumn 2004. This would bring the total amount of office space at Southlink to 13,600 sq m (147,000 sq ft). The occupants include Oldham Primary Care Trust, the DVLA, Pilgrim International, Swatch UK, NSPCC, Meyertech, Toontastic and James West Construction.
Contact: Steve Hopley
Regeneration Department
Property Development & Investment Division
Tel: 0161 770 4133
Fax: 0161 770 4488
email: steve.hopley@oldham.gov.uk