Trading estate changes hands in £7m acquisition
A multi-let trading estate has been acquired for more than £7m by Manchester-based property company Elstar.
The deal, brokered by OBI, involves Gateway Park, in Bangor.
The acquisition of the site sees Elstar assume ownership of one of North Wales’s prime industrial estates.
Gateway Park is located on the main arterial route into Bangor, near the North Wales Express Way and just two miles from Bangor City Centre.
The trade park boasts a strong line up of tenants including Screwfix, Travis Perkins, Eurocell, Royal Mail, Toolstation, Enterprise Rent-a-Car and Topps Tiles.
Elstar purchased the site from two different owners. Now under single ownership, the property company is planning to improve the offering through various asset management opportunities. The business will also be considering the future development potential of Gateway Park to increase its value.
Lawrence Vaughan at OBI, who advised Elstar on the acquisition, said: “Gateway Park is one of North Wales’s main trading estates, is fully let to a best-in-class tenant line up and provides the buyer with excellent rental growth opportunities moving forward.
“There is also potential to develop on the site to create additional commercial space in the future.”
Lawrence Vaughan advised Elstar on the acquisition, while Metis and Avison Young advised the two different sellers. Kuits represented Elstar on the legals.
