The deal included the acquisition of four industrial parks and two flexible workspace sites, all located in close proximity in Saltney, Chester. Together they account for approximately 230,000sqft of lettable space accommodating over 90 occupiers. The properties include Brymau Two and Three, Four and Six; The Sidings and Red Hill House.
The deal is a significant one for us because until now we had been focussed- principally on multi-let industrial assets in Staffordshire.
Brymau has been in family ownership for over 30 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, Brymau largely consists of sub-10,000sqft 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, Brymau provides 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, development surveyor at Legat Owen, who represented Brymau Estates added: “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 should be praised for handing over a portfolio of buildings of a very high standard.”
Legat Owen acted on behalf of Brymau Estates and oversaw the sale.
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).