£73m property deal for major engineering hub

The 490,000 sq ft factory being built for Meggitt at Ansty Park in Coventry has been bought for £73.4m, in what the purchaser has said is “one of the largest manufacturing property transactions within the UK in recent times”.

Aviva Investors has exchanged contracts on the site, which is being developed by Manse Opus in a project funded by Aviva Investors’ Lime Property Fund.

Meggitt has agreed a 30-year lease for the engineering hub that will become home to 1,000 people. Work has begun on site, which is due to become operational towards the end of 2019.

Jonathan Jones, group property director at Meggitt, said: “This was a complex acquisition with multiple stakeholders to manage, our time line was tight and we had to adopt innovative ways to achieve a design build and lease back vehicle to meet our goals.”

The engineering group is creating a manufacturing centre of excellence, purpose-built for aerospace thermal management technology. It is the first development on the site, known as Prospero Ansty, which is next to the original Ansty Business Park.

Realest, the property advisory firm, advised on the formation and delivery of the transaction. Pinsent Masons LLP advised Aviva Investors.