Property Alliance Group has sold a multi-let industrial estate in St. Helens to one of its occupiers for £4.58m.
Located off Reginald Road within 3.5 miles of the M62, Abbotsfield Park Industrial Estate has been purchased by joinery company Cheshire Mouldings. Comprising 80,000 sq ft of warehousing and an 11,000 sq ft vet surgery, the estate’s other tenants include furniture company EFG and modular building manufacturer Springfield.
Frank Taylor, head of industrial at Alliance said: “We acquired this site around 12 years ago following a sale and leaseback deal and broke the unit up into four fully refurbished units. Cheshire Mouldings took 63,000 sq ft in 2016 and successfully triggered their option to purchase the estate.
“The price achieved reflects a strong ‘owner occupier’ market which is currently very competitive as there is a lack of supply of quality buildings. Cheshire Mouldings’ purchase provides them with a part income producing asset as well as space for strategic expansion.
“Alliance is continuing to grow its industrial portfolio and is actively seeking further units.”
Jon Thorne, director at B8 Real Estate who advised PAG on the deal commented: “This deal demonstrates the resurgence in occupier demand for freehold units in the North West industrial market. Companies are continuing to expand as the economy improves and the lack of good quality buildings like this available in the market is helping the growth in capital values.”