Ex Pochin HQ sold for £6.6m
Property developer Blok UK has sold the Middlewich site to investment fund AEW UK.
The deal reflects a net initial yield of 6%.
Legat Owen helped Blok UK purchase the former Pochin headquarters, which sits off Brooks Lane, in 2020 after Pochin went into administration. Blok UK paid £3.25m for the site’s offices, yards and workshops, as well as a production facility let to Cheshire Concrete Products.
Blok extended CCP’s location, expanding it to 3.25 acres to help it meet the rising demand for concrete bricks. Another 4.94 acres on the site was then let to CLD Fencing Systems on a 10-year lease. CLD is to build a new headquarters and logistics hub on the spot.
“The acquisition of the site was complicated, not least due to the COVID pandemic taking hold during the course of early negotiations, and the subsequent uncertainty this threw up,” said Jonathan Beeson, director of Blok.
“However we were lucky enough to complete the two new lettings quickly and amicably,” he continued. “Since then we have undertaken some demolition and refurbishment works to the site to make it suitable for sale.”
AEW paid the asking price for the site. Legat Owen and M1 Agency represented Blok on the deal. AEW was represented by Cushman and Wakefield.
