Chancerygate buys Warrington industrial estate

Industrial investor Chancerygate has paid £3.5m for the 17-unit Cranford Court on Kingsland Grange in Warrington, reflecting a net initial yield of 8.5%.

Chancerygate has retained Colliers CRE as sole agent on the estate, which totals 75,483 sq ft.

Paul Jenkins of Chancerygate commented: "The estate offers excellent asset management opportunities enabling us to refurbish and reposition this estate in the Warrington market.

"We also feel that Warrington is under-supplied in terms of freehold space and therefore we will be offering units on a freehold basis as and when they become available. We will also be undertaking a major refurbishment programme.

"We are confident about the freehold market in the North West because of the success that we have had at our freehold small unit schemes in Trafford Park and Irlam where demand for this type of product has been strong."

The undisclosed vendor was represented by CBRE. Chancerygate was advised by Horton Estate and the Manchester office of Colliers CRE.