Industrial property developer and asset manager Chancerygate has completed the sale of two industrial units to property investment company Ribston in a deal worth £2.37m, following significant refurbishments.
The deal sees Ribston add to its extensive portfolio with two grade A industrial developments, a 17,374 sq ft unit at Glasgow’s Tannochside Business Park and a 15,373 sq ft premises at Bromborough’s Wirral International Business Park in the North West.
Both units were initially identified as refurbishment opportunities and purchased by Chancerygate in 2017 as part of its tactical approach of purchasing and refurbishing strategically located units. Following a three-month refit both were let, with the company securing a 10-year lease of the Bromborough facility from essential oils company Ungerer and a five-year lease with baking ingredients supplier Macphie in Glasgow.
Ownership and the management of the units pass onto Ribston, while the existing leases will remain in place for the current occupiers.
David Tyson, asset manager at Chancerygate, said: “We’re extremely pleased with the outcome of this deal. Having sold a number of units to Ribston in the past, we identified them as a suitable purchaser on this occasion for the Bromborough and Glasgow sites.
“This project was part of our ongoing investment and refurbishment strategy and it was a clear success, with significant leases taken out as a result. Now the sale provides us a strong return on our initial investment.”
Established in 1995, Chancerygate is one of the UK’s leading industrial property development and asset management companies with offices in London, Birmingham, Warrington and Milton Keynes. The company has an annual turnover of £97m and employs 37 people.