Commercial Estates Group buys in Altrincham
The investor and developer has acquired 83,445 sq ft of business space at Altrincham Business Park from Frogmore for an undisclosed sum.
The freehold deal covers 24 commercial units across St George’s Court and Edward Court. Thirteen of the units have been sold off as long leasehold with 11 remaining in full ownership. Of these, five are fully let, two are partially let and four are vacant.
WHR Property advised CEG, while CBRE acted for Frogmore.
The investment comes a month after CEG purchased Appleton House and Atlantic House at Birchwood Park in Warrington from Aviva Investors.
Dan Crossley, investment partner at WHR, said: “CEG knew immediately that this was exactly the type of opportunity they were seeking. The park’s success has been reflected in the record capital values that had been achieved in earlier sales to owner-occupiers at these two schemes and my client was also very aware of the increasing occupational demand within the area. In short, a very savvy acquisition.”
John Matthews, senior asset manager at Frogmore, said: “The sale of Altrincham Business Park marks the successful completion and final part of our business plan across our ownerships in Altrincham. The estate’s location, connectivity and accommodation has always been attractive to occupiers. It was the right time for us to release Frogmore’s remaining interest.”
CEG’s other North West interests include Stakehill Industrial Estate, 196 Deansgate in Manchester, Jackson House in Sale and Exchange Station in Liverpool.