Investment and development company, CEG has announced the acquisition of two schemes at Altrincham Business Park in South Manchester from leading UK real estate fund manager, Frogmore.
The freehold investment comprises 24 high quality units offering 83,445 sq ft accommodation in total across St. George’s Court and Edward Court. Of those, 13 units have been sold off as long leasehold with 11 remaining in full ownership. Of these remaining 11, currently five are fully let, two are partially let and four are vacant.
Located eight miles south of Manchester city centre in the affluent town of Altrincham, the Park is widely regarded as one of the area’s most successful out of town mixed-use business locations.
The deal comes a month after CEG purchased Appleton House and Atlantic House at Birchwood Park in Warrington from Aviva Investors.
Speaking about the acquisition, Dan Crossley, investment partner at WHR Property, which advised CEG, commented: “CEG knew immediately that this was exactly the type of opportunity they were seeking. The Park’s success has been reflected in the record capital values that had been achieved in the earlier sales to owner-occupiers at these two schemes and my client was also very aware of the increasing occupational demand within the area from tenants seeking pleasant and contemporary working environments. In short, a very savvy acquisition.”
Dan continued: “The deal process was a true team effort from the outset and proved essential in such a competitive environment. CEG has already devised an asset management strategy for the estate that will see significantly improvements very quickly and a re-positioned agency offer.”
John Matthews, senior asset manager at Frogmore, who were advised by CBRE, said: “The sale of Altrincham Business Park marks the successful completion and final part of our business plan across our ownerships in Altrincham. The estate’s location, connectivity and accommodation has always been attractive to occupiers. It was the right time for us to release Frogmore’s remaining interest in the Park and we are delighted to hand the asset over to a very well-respected outfit such as CEG.
“We were very pleased with CBRE’s marketing campaign, which resulted in a number of proposals in excess of the asking price and led to a smooth transition of ownership.”
The scheme was acquired for an undisclosed sum.