In a move that sees CEG increase its portfolio in the North West, the property investment and development company has completed the acquisition of Appleton House and Atlantic House on Birchwood Point Business Park in Warrington from Aviva Investors.
Located on Birchwood Boulevard, the two self-contained, three-storey, HQ-style office buildings total 51,342 sq ft.
Appleton House provides 30,666 sq ft and is the EMEA headquarters of global athletic footwear, apparel and accessories company, New Balance. The office project was crowned winner of the British Council of Offices (BCO) Fit Out of Workplace award in 2015 for North of England/North Wales & Northern Ireland.
Atlantic House offers 20,676 sq ft of office accommodation. The building has been vacant for 18 months and will be completely refurbished as Antonia Martin Wright, Head of Investment North at CEG, commented: “This scheme has all the hallmarks we look for in an investment opportunity. Appleton House has achieved an excellent covenant in New Balance and, by refurbishing Atlantic House, we are confident we can replicate the success that has been achieved at its sister building, helping to drive forward rental values and maximise the value of the asset.”
Rupert Barron, Partner at WHR Property, which advised CEG on the purchase and has been retained as joint agents with Savills, commented: “This is a sound acquisition. Birchwood is Warrington’s leading business destination, which consistently attracts high calibre occupiers who expect cutting edge working environments.
“CEG has an enviable track record of identifying, acquiring and delivering schemes of the highest standard and we are delighted that they can capitalise on this opportunity in in the heart of the north west.”
It is anticipated that Atlantic House will be available for occupation in Spring 2017.
Aviva Investors was advised by Savills.
The scheme was acquired for an undisclosed sum.
