One of the three core areas of our business is investment, where we focus on long term asset management opportunities. Co-investing with our partners, this month, we’ve purchased a 118,000 sq ft industrial complex on Bridgewater Business Park, Bridgewater Place, Leigh from Waterside Properties, a subsidiary of Kingmoor Park Properties.
The firm advised Waterside Properties, a subsidiary of Kingmoor Park Properties Ltd, on the sale of the property, which continues to be occupied by specialist cable manufacturer, Brand-Rex Limited on a lease expiring in 2026. The price achieved of £2.25m reflected a net initial yield of c10.6%.
The site extends to 4.5 acres and adjoins the 19 acre Bridgewater Business Park which has been retained by the vendor who is master planning a future residential development.
Commenting on the transaction, Dominic Evans, investment partner at Matthews & Goodman, which advised Waterside Properties, added, “Given the significant uncertainty created by Brexit, acquisitions with strong underlying fundamentals are increasingly in demand. The disposal was achieved in line with our client’s investment strategy despite difficult market conditions. The fundamentals of the opportunity, notably long term income, let off a low base rent with fixed growth, secured to a credible tenant, combined with the longer term future redevelopment potential ensured this opportunity appealed to a broad range of buyers.”
Guy Butler said “Bridgewater Business Park follows on from other recent acquisitions, including The Beat in Liverpool ONE, and contributes to the balance of use and risk within the portfolio. We think the property fundamentals in Leigh are sound and we continue to look for similar opportunities.”