Industrial property letting agent Sandyford Properties has acquired a multi-let portfolio of managed workspace developments totalling 230,000 sq ft near Chester.
The acquisition is one of Sandyford’s first in the North West – the Stoke-based company has until now been focused on multi-let industrial assets in Staffordshire.
The portfolio of industrial units, located close to Saltney in Cheshire, consists of four industrial parks and two flexible workspace sites. It was acquired from office provider Brymau Estates in a deal worth £9 million.
The properties include units that are currently let to more than 90 tenants and generate a total net income of £915,000 per year, according to the seller.
She was assisted by associates Frances Pritchard and Charlotte Flanders of the firm’s Liverpool Real Estate team, and in Manchester by consultant solicitor Gary Cohen, senior associate Jon Pearson-Basudev, associate Tassneem Attia, solicitor apprentice Natasha Bradley (all Real Estate), and senior associate Suzanne Mainwaring (Employment).
Commenting on the deal, Claire Cosgrove said: “This is a significant transaction for Sandyford and the team and I were delighted to be brought on board to advise on the acquisition.”
Sandyford Properties’ managing director Paul Brindley said: “This acquisition provides us with the opportunity to grow our customer base in a new location where there is strong demand from both national and local occupiers. We see the existing Chester sites very much as a platform to acquire additional industrial assets to increase critical mass and market share in the local market.”