Hurstwood targets Chester Business Park with office acquisition

An 8,178 sq ft modern office building on Chester Business Park has changed hands for an undisclosed sum.

Hurstwood Holdings, the Manchester based property investment and development company with a £300m national portfolio, has acquired the property from a private vendor.

The property has a net initial yield of circa 14%.

Hurstwood Holdings bought 3-4 Hilliards Court, a two-storey purpose built office building with four self-contained suites.

Only one suite of 1,826 sq ft is currently available with the other three being let to Howden Group Services, TBC Recruitment and Eclipse Creative Construction.

Hurstwood plans to convert the remaining suit to provide flexible office solutions for local occupiers from 200 sq ft.

Stephen Ashworth, chairman and CEO of Hurstwood Holdings, said: “I have been keen to acquire properties on the prestigious Chester Business Park for some time so I am very pleased to have secured this purchase.

“Whilst we are currently operating in a very challenging market, Hurstwood continues to perform with several more deals already in the pipeline. We have an exceptional team helping to make these deals happen and I wanted to make a special thank you to Jayne Hindle, our in house lawyer for her amazing work.”

King Street acted on behalf of Hurstwood Holdings with LHV providing the funding and Gateley was the legal advisor.

BA Commercial represented the vendor.

Hurstwood Holdings currently has a property portfolio comprising more than 150 sites nationwide, housing in excess of 1,000 occupier clients.