Long lease deals agreed at former HQ of Cheshire building group
Following the acquisition of the former Middlewich HQ of building group Pochin by Blok UK Ltd, Legat Owen has announced new deals for Cheshire Concrete Products (CCP) and CLD Fencing Systems.
Acting on behalf of Blok UK, Legat Owen purchased the site from Pochin’s receivers for £3.25m, which comprised the site, the adjacent yard occupied by CCP, as well as the former sports and social club which is leased by Middlewich Pentecostal Church.
Legat Owen reconfigured CCP’s lease to an agreed 25-year unbroken term and extended the site 3.25-acres to support CCP’s production growth.
CCP’s parent company, Sigmaroc, acted as guarantor in the deal.
The remaining 4.94 acres, which includes associated production units, office accommodation and workshops, has been let to CLD Fencing Systems on a 10-year lease.
The Sandbach-based company is expanding into a new logistics hub at the Brooks Lane site, which will include 37,500 sq ft of warehousing.
Matt Pochin, director at Legat Owen, said: “We have been lucky enough to complete both new lettings prior to completion of the acquisition by Blok and negotiated during the first two months of the lockdown period.
“This is an excellent result and has significantly increased the value of the site by creating a long-term income stream.”
Neville Wells, director at CLD, said: “This is an excellent investment for the group, which sees us triple our storage capability allowing our stocks to increase to an even greater level.
“To support our expansion, we will look to recruit new lorry drivers and warehouse staff.”
Christopher Dee acted on behalf of the receivers.
CCP and CLD were unrepresented.