Redsun completes back to back deal in Chester
Redsun Investments has announced the off-market purchase of a 15,000 sq ft industrial unit on Sovereign Way in Chester from an Irish based investor advised by JLL.
The unit was let to SP Manweb which had vacated the property ahead of a lease expiry in 2018.
Redsun agreed terms for a back to back surrender of the lease to SP Manweb and the simultaneous grant of a new 10-year lease to Inchcape Estates (Inchcape).
Inchcape will use the facility for the storage and preparation of new cars to support its local dealerships.
Speaking about the deal, Redsun director, Craig Booton, noted: “The unit occupies a prominent position on Sovereign Way and benefits from a substantial secure yard.
“We were confident that there would be tenant demand and are pleased to have successfully secured a new tenant with excellent covenants so quickly after purchasing the unit.”
Legat Owen advised Redsun on the purchase, surrender and re-letting of the property to Inchcape Estates.
Director Stephen Wade said: “Modern units of this nature with a large secure yard are few and far between. We were aware that Inchcape had a potential requirement for an additional facility and the building is ideally suited to their needs being so close to Sealand Road. They moved quickly to agree terms and complete the deal.
“Industrial floor space for the growing SME sector in Chester is constrained and we had several other parties who expressed serious interest. There is definitely a need to bring forward more floor space to meet market demand and we look forward to working with Redsun Developments targeting this market throughout 2018.”