Legat Owen completes £2m sale to Cara
Commercial property consultant Legat Owen has completed the sale-and-leaseback on behalf of Grange Packing Solutions of a prime industrial unit in Warrington, as part of a deal worth more than £2m.
The 43,000 sq ft warehouse, which is located on a 2.15-acre site on Kingsland Grange Industrial Estate, has been sold to Cara Developments.
As part of the agreement, the building has also been leased back to Grange, which currently occupies the site, on a new seven-year lease at a rental income of £195,000 per annum.
Steve Lloyd, Grange Packing Solutions chief executive, said “This deal was a strategic opportunity for our company as it meant we could release capital, allowing us to fund investment in new packing lines and move forward with our growth ambitions.
“We’re delighted to be staying at Kingsland Grange, which has been our home for more than 10 years.
“We fully appreciate the advantages of being based on the site and are committed to investing in our future here.”
Matt Pochin, director at Legat Owen, sole agent for the transaction, said: “Sale-and- leaseback opportunities like this are few and far between, so we had strong interest from the start.
“Cara could see the huge potential which came with Kingsland Grange and we are confident that the investment will perform strongly for them.”
Cara Investments was represented by Christopher Dee.
Kingsland Grange is one of the main employment areas in Warrington which is home to a mix of manufacturing and warehouse operators.
It also boasts excellent access to the north west motorway network, just two miles from the M6 via junction 21 and is in close proximity to the M62 via junction 11.