Hurstwood Holdings buys Elegant House

Situated at Chester Business Park, the 15,400 sq ft office block is the headquarters of luxury travel company Elegant Resorts.

Elegant House is the second acquisition for Hurstwood Holdings at Chester Business Park. The Manchester-based property management company purchased the 8,200 sq ft 3-4 Hilliards Court in October last year.

Hurstwood has not shared how much it paid for Elegant House, although it did say that the purchase reflected a net initial yield of 16%. Elegant House, which was previously owned by a Jersey-based investment company, was last sold for £1m in 2014 according to HM Land Registry documents.

Elegant House sits on a nearly two-acre site off Sandpiper Way. It is fully let, with Elegant Resorts as its sole tenant.

There is more to come for Hurstwood Holdings in Cheshire, according to Stephen Ashworth, chairman and chief executive of the company.

“Chester Business Park remains a focus for us as we continue on our acquisition trail and look to build on our £300m UK portfolio throughout 2024,” Ashworth said.

“As proactive asset managers, we have already undertaken significant works at Hilliards Court, creating flexible office space from 200 sq ft,” he continued.

“Elegant Resorts is a strong covenant that has been in situ for more than 15 years and I am very pleased to add this impressive building and occupier to our portfolio.”

Legal advice for the deal for Elegant House was provided to Hurstwood by Gateleys. Oliver Rowe of Edwards acted for the asset manager, while Darren Switzer of LHV handled the funding.