Hurstwood Holdings acquires landmark office building at auction
Manchester-based Hurstwood Holdings has continued its acquisition trail with another North West landmark office purchase.
The property and investment company has bought Gateway House, in Wirral – a 31,309 sq ft self-contained building – at auction for an undisclosed sum with a net initial yield of circa 15%.
The modern three-storey building is prominently situated at the entrance to Wirral International Business Park and on the corner of the A41 Chester Road.
It is partially let to a number of tenants including Sage Care, Willaston Physiotherapy, 4Choice and Msoft E-Solutions.
Stephen Ashworth, chairman and CEO of Hurstwood Holdings, said: “People now want to work closer to home and we want to capture that market of companies moving out of the cities into the provincial areas.
“Wirral International Business Park is an established and successful business destination and when we came across the opportunity to acquire this striking building we immediately recognised the long-term potential that it held.
“We have every confidence in the resilience of the North West provincial office market and plan to adapt the vacant space to create flexible suites that we believe will appeal to the current market as many companies look to work closer to home and in the provinces as opposed to the cities.”
He added: “We have had a very busy and successful period recently acquiring 27 commercial investment properties nationwide, both industrial and offices, in the last 24 months alone.”
Commercial Estates Group was the vendor.
Together Money provided the finance and Gateley acted as the legal representatives.
Hurstwood Holdings is a commercial investment group with more than £175m of commercial and residential assets on 120 sites nationwide housing in excess of 750 occupier clients.