Harworth Group has bought a business park in Widnes, Cheshire, from Towngate for £12.7m.
Towngate Business Park was previously a Golden Wonder food factory and comprises 262,000 sq ft of industrial space split into nine warehouse units ranging from 4,000 sq ft to 77,000 sq ft.
The park is fully let, generating income of £958,000 per annum with a WAULT of 4.3 years. The acquisition price reflects a net initial yield of 7.1% and a reversionary yield of 9.4%. Tenants include Aggreko UK, Xpel Marketing, Initial Packaging and QA Flooring.
Harworth intends to invest in the estate and is exploring infill development opportunities.
Richard Bousfield, head of income at Harworth Group, said: “The acquisition builds on our ambition to grow our exposure in the North West, where the industrial market continues to see very high levels of occupier demand and extremely limited supply, which is resulting in positive rental growth forecasts.”
Tom Lamb, property manager at Towngate, said: “After 21 years of ownership of the site at Widnes, it will be sad to say goodbye; however, the sale offers us an exciting opportunity to explore our investment plans closer to home, within the Yorkshire region.”
Harworth was advised by Metis Real Estate Advisors. Towngate was represented by B8 Real Estate.
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