Chester and Sale assets traded in £26m deal

Offices at Chester Business Park and Dovecote Business Park in Sale have been sold as part of a wider £25.9m portfolio acquisition by the Regional REIT.

The larger of the two is Dovecote House, a 52,260 sq ft office building, currently occupied by GE Capital. Part of Dovecote Business Park, the office is just off J6 of the M60 and near Sale Water Park Metrolink stop.

It is one of two buildings at the business park, the other being One Dovecote, currently owned by PIN Property which acquired the asset in 2015.

Place North West revealed in April the 61,000 sq ft building is to be taken by business services provider Verastar, while Greggs has plans to open a drive-thu at the site.

The portfolio deal also includes The Foundation at Chester Business Park. The 30,260 sq ft building with 192 car parking spaces is a mile south of Chester city centre is part-let to identity intelligence specialist GB Group, which has 19,600 sq ft over the ground and first floor.

The remaining 12,000 sq ft is available at a rent of £20/sq ft having been previously occupied by Tetra Pak. Legat Owen and Avison Young are the retained agents.

The Regional REIT’s deal also includes four other assets in Birmingham, Bristol, Cardiff, and Glasgow.

Earlier this month, the REIT also secured deals totalling 16,000 sq ft across two assets in Old Trafford and Warrington. This included a 5,450 sq ft deal at Oakland House, a 163,000 sq ft office which the REIT bought from LaSalle Investment Management in January 2016.

Stephen Inglis, chief executive of London & Scottish Property Investment Management, Regional REIT’s asset manager, said: “There continues to be a significant pipeline of attractive near-term investment opportunities across the UK, for which Regional REIT can utilise its asset management experience and capital resources to provide sector-leading returns for shareholders.

“We look forward to announcing further accretive acquisitions as we invest the proceeds from our recent successful equity raise, taking advantage of the strong opportunities that we are seeing in our markets.”

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