Property investor bolsters its Chester Business Park holding with latest purchase
Manchester-based property group, Hurstwood Holdings, has extended its ownership on Chester Business Park with a second acquisition.
Following the purchase of 3-4 Hilliards Court at the end of last year, the property investment and development company has bought Elegant House, a 15,361 sq ft purpose-built office headquarters, for an undisclosed figure, with a new initial yield of 16%.
The stand alone building, which sits on a 1.77-acre site, is fully let to travel agency, Elegant Resorts.
Stephen Ashworth, chairman and CEO of Hurstwood Holdings, said: “Chester Business Park remains a focus for us as we continue on our acquisition trail and look to build on our £300m UK portfolio throughout 2024.
“As proactive asset managers, we have already undertaken significant works at Hiliards Court, creating flexible office space from 200 sq ft.
“Elegant Resorts is a strong covenant that has been in situ for more than 15 years and I am very pleased to add this impressive building and occupier to our portfolio.”
The building was bought from a private investor. Oliver Rowe, of Edwards, acted on behalf of Hurstwood Holdings, with Gateleys providing legal advice.
Darren Switzer of LHV arranged the funding.
Hurstwood Holdings currently has a property portfolio valued at more than £300m, comprising in excess of 150 sites nationwide housing around 1,000 occupier clients nationwide.
