Acting on behalf of Brymau Estates, Legat Owen has announced the sale of a multi-let portfolio of managed workspace developments in Saltney, Flintshire, to Sandyford Properties, in a deal worth approximately £9million.
The assets acquired comprises four industrial parks and two flexible workspace sites, all located in close proximity in Saltney, at the edge of the City of Chester. Together they account for approximately 230,000 sq ft of lettable space accommodating over 90 occupiers and generating a total net income of circa £915,000 per annum. The properties include Brymau Two and Three, Four and Six; The Sidings and Red Hill House.
The deal is a significant one for Sandyford Properties which until now has been focussed principally on multi-let industrial assets in Staffordshire.
According to Managing Director Paul Brindley the deal is a great fit for Sandyford Properties and represents a continued evolution of the business: “Brymau Estates has been in family ownership for over 50 years and, as such, epitomises much of the long-term approach and the values which are consistent with our own business. Much like the existing Sandyford Properties’ sites, the portfolio largely consists of sub 10,000 sq ft units, many of which are let to local, owner-managed businesses with which we can pursue a partnership approach, providing them with the space to grow.”
“Our home area of North Staffordshire is still critically important to us and will continue to be somewhere where we look to grow and expand. However, 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.”
The properties have been well maintained with over £850,000 invested in building improvements over the last five years. Each scheme has its own dedicated on-site management team who will be transferred to the buyer upon sale.
Speaking about the disposal of the portfolio, Ben Lamont, surveyor at Legat Owen, continued: “The purchase shows the continued demand for high yielding assets with the ability to add value to the portfolio through strategic asset management. The schemes are well established business destinations with an impressive list of clients, an excellent track record of lettings and a strong brand presence. The buildings have been expertly managed to date and Brymau Estates should be praised for handing over a portfolio of buildings of a very high standard.”
Hillyer McKeown (Ian Millington) acted as the legal adviser for Brymau Estates.
Sandyford Properties was advised by Hill Dickinson (Legal, Claire Cosgrove) and Woodfellows LLP (Building surveyors, David Woods, Nick Willis).