Avison Young’s specialist Restructuring Solutions Team has completed the freehold sales of Laura Ashley’s former manufacturing and distribution facilities in Newtown, Mid-Wales, on behalf of the Joint Administrators, Rob Lewis, Zelf Hussain and Rachael Wilkinson at PwC.
The industrial portfolio, totalling circa 500,000 sq.ft. across 32 acres, received strong competitive interest from owner occupiers, investors and developers alike.
Chris Davies, from Avison Young’s Restructuring Solutions Team, commented:
“Pent-up demand within the local industrial market resulted in strong competition for these assets, which was reflected by the volume of enquiries generated and the final prices achieved. The pricing achieved across the portfolio has been extremely strong, with the final sale completing within just 4 months from the commencement of marketing.
These sales will now ensure the units are brought back into use within a relatively short space of time, bringing new employment opportunities to the area. The restructuring team are delighted to have achieved such a positive result in these timescales on behalf of the Administrators and for the benefit of all creditors.”