Elstar acquires Bangor industrial estate for £7m
The Manchester-based property company has purchased Gateway Park, an 83,000 sq ft multi-let trading estate off Llandegai Road.
Elstar paid more than £7m for the site, which was held in two separate ownerships.
A private client of Avison Young put 52,000 sq ft on the market last year, while a private client of Metis Real Estate sold its 31,400 sq ft portion to Elstar in an off-market deal.
OBI advised Elstar on the deal that sees the site come under a single ownership.
Occupiers at Gateway Park include Screwfix, Travis Perkins, Eurocell, Royal Mail, Toolstation, Enterprise Rent-a-Car and Topps Tiles.
Elstar plans to “improve the offering through various asset management opportunities” and consider the future development potential of the site, according to OBI.
Lawrence Vaughan, part of OBI’s capital markets team, said: “Gateway Park is one of North Wales’ main trading estates. It is fully let to a best-in-class tenant line-up and provides the buyer with excellent rental growth opportunities moving forward.
“There is also potential to develop on the site to create additional commercial space in the future.”
Kuits provided Elstar with legal advice.