Legat Owen to market £2.6m Cheshire office site
Legat Owen has been instructed by Western Power to market the freehold interest of an office investment at the established Manor Park Estate, between Chester and Warrington, with a guide price of £2.6m.
Howard Court, located at Manor Park, close to the M56 Motorway, totals 24,480 sq ft across three detached office buildings.
Offering a secure total income of £235,677.50 per annum and a Net Initial Yield (NIY) of 8.52%, the buildings are 92.4% let to occupiers, including the new Merseyflow Toll operator, Emovis, as well as JBV Demolition and X Digital Media.
Two of the three buildings at Howard Court were refurbished in 2016 to provide high quality open plan accommodation, with further asset management opportunities for the prospective buyer to renovate building C and let its remaining 1,841 sq ft suite.
There are a total 110 car parking spaces at Howard Court, at an attractive ratio of 1:223.
The wider Manor Park Estate is a prime 300-acre low density office and industrial park, which sits three miles from Junction 11 of the M56 motorway.
The park has recently attracted major occupiers, including Lidl, UK Mail, Fresenius Kabi and B&M Bargains.
Will Sadler, director office agency, Legat Owen, said: “Howard Court provides a secure investment asset in an up-and-coming area, with potential to enhance value via refurbishment and letting opportunities in building C.
“With the Government’s announcement on plans to create an additional link between Runcorn and the M56 motorway, we have already seen Manor Park attract new major occupiers, which will increase the profile and value of this business destination.”
