Joint Venture partners Maple Grove Developments, Yorvale and Kier Property have sold its Industrial scheme at Artis Park in Winsford to The Albert Gubay Charitable Foundation for £22.8m.
The scheme has been delivered in two phases, the first phase of 10 units totalling 68,500 sq ft was completed in September 2020. Phase two, was completed in February 2022 and offers 56,000 sq ft of additional employment space across three units.
All three units developed in phase two were let prior to practical completion highlighting the strong levels of occupier demand. This demand is also due to the scheme’s location, it is in the heart of Cheshire, offering excellent transport links including the M6 motorway and major A-roads that link directly to Merseyside, Chester and North Wales.
Leigh Thomas, managing director at Kier Property, said: “The sale of Artis Park reflects the value of this excellent investment asset which is a direct result of the high specification and quality of the development. The JV recognised the lack of Grade A industrial supply at the inception of the multi-let scheme; it is excellent to see the regeneration of this site delivering new jobs and first-class space for businesses to grow.”
Nik Puttnam, senior development manager at Maple Grove Developments, continued: “Artis Park has performed very well right from the start. Throughout the life cycle of the project we have worked very closely with the letting agents, Gerald Eve and Legat Owen, who have excellent knowledge of the Winsford market. Securing so many occupiers has allowed the JV to maximise the value of the asset and successfully dispose of Artis Park at a very respectable yield.”
Jonathan Black, property director at Derwent Estates, part of The Derwent Group of companies and an operating subsidiary of The Albert Gubay Charitable Foundation, said: “We have been keen to acquire a well-located and modern industrial asset to fulfil our current investment objectives. The acquisition of Artis Park is a great addition to our industrial holdings and further diversifies our portfolio, which is predominantly made up of retail warehouse schemes across the North of England. This opportunity fitted with our investment criteria and will allow the group to generate more income for the charity it serves.”
Artis Park builds on Winsford Industrial Estate’s reputation for being one of the most sustainable and well-connected business destinations in the region. Winsford Industrial Estate is the UK’s first Green Business Park and has benefitted from significant environmental improvements, it is also the first estate in the UK to become a Business Improvement District.
The entire Artis Park industrial and trade counter development comprises 124,500 sq ft of floorspace with 13 flexible units ranging in size from 4,000 sq ft – 26,620 sq ft across the 6.7-acre site. The development is 83% let with tenants including Screwfix, Toolstation, City Plumbing, British Red Cross, Ross Care, Gemco and Valentte.
Winsford Devco LLP were advised by B8 Real Estate and Eversheds Sutherland. The Albert Gubay Charitable Foundation were advised by Christopher Dee and Land Law.