St Modwen snaps up industrial estates for £13.5m

TWO multi-let industrial estates have been sold to regeneration specialist St Modwen for a total value of £13.5m.

The deal for Warth Industrial Park in Bury and the Old Mill Industrial Estate in Preston has been completed by Bilfinger GVA’s Investment Team in Manchester on behalf of Hamilton Heath Estates.

The industrial estates, which combined provide 360,000sq ft of office and warehouse space, will provide St Modwen with core income and potential for future development opportunities in the short to medium term.
 
At the time of sale both industrial estates were 95% occupied.

Gurminder Manak, of Bilfinger GVA, said: “Hamilton Heath Estates has taken advantage of current market conditions to dispose of their interest in Old Mill Industrial Estate and Preston and Warth Industrial Park in Bury. The sale enables them to realign their existing portfolio.
 
“Hamilton Heath Estates continue to search for other industrial opportunities where they can add additional value.”

Commercial property Partner Claire Beaumont from Gorvins Solicitors worked on completing this deal advising Hamilton Heath.