Property developer’s twin swoop

A NORTH West property developer has bought two industrial parks in a multi-million pound deal.

Simon Storer, who previously worked at Lambert Smith Hampton and Brady Chartered Surveyors, has bought Parkway Trading Estate in Trafford Park and ten units on the Parkhouse Industrial Estate in Newcastle under Lyme, Staffordshire for £8.6m through his company, Jolivet Investments.

The 125,000 sq ft Parkway Trading Estate is spread across nine acres and located on Barton Dock Road in Trafford Park. 
Parkhouse is one of the largest industrial estates in North Staffordshire.  Jolivet has acquired ten units with over 165,000 sq ft of space in total. 

The Royal Bank of Scotland’s property finance team in Liverpool has provided a £6.28m funding package to Jolivet Investments to fund the acquisitions.

Mr Storer said: “We are very pleased to have completed both transactions as they will complement the range of existing properties in our portfolio.  We are keen to grow the portfolio by acquiring high quality sites in good locations and both of these parks fit these criteria.”      

Andrea Kelly relationship manager at RBS added:  “Simon is an experienced operator with a good knowledge of the North West’s commercial property market.  He has successfully built a large property portfolio and we look forward to working with him on future projects.”