Industrial estates acquired in £2.25m deal
TWO busy industrial estates have changed hands following a £2.25m deal.
The Acorn Industrial Estates at Bontoft Avenue and Strawberry Street in Hull, home to a range of independent businesses, have been acquired by London-based M7 Real Estate.
“In many ways these sites are a snapshot of the local economy in Hull,” said Niall Macpherson, director of investment agency at Garness Jones, the letting agent for the sites.
“They are popular sites which let well and which over the years have attracted a good mix of businesses involved in all sorts of activities including construction, manufacturing and marketing.”
Bontoft Avenue comprises 18 modern industrial units ranging from 1,163 sq ft to 5,143 sq ft in a total development of more than 43,000 sq ft. The Strawberry Street site holds 14 units from 2,015 sq ft up to 4,315 sq ft and occupies 23,400 sq ft in total.
Garness Jones were instructed to sell the sites last year by Valad, who were acting for the owners.
Mr Macpherson added: “The decision to sell followed a review of strategy by Valad, who conclude that these sites were no longer a good fit with the rest of their international property portfolio.
“We are pleased to be appointed as letting agents for M7 and we can confirm that the deal will not have any impact on the tenants. The transaction shows that there is still good demand, particularly for multi-let sites where an investor can spread the risk to a degree.”