Old Tea Factory, Crewe, Cheshire

AEW acquires Bargain Booze HQ for £10.4m

Property fund AEW has bought a former tea factory in Crewe for £10.4m.

The fund has snapped up the two warehouses totalling 346,000 sq ft, formerly owned by the Co-operative Group. One building is currently let to Bargain Booze, which has its headquarters at the development, with the other let to wireless technology firm Brightstar 20:20.

The property, which fronts Weston Road near Crewe train station, has a net initial yield of 9.7%.

The fund has recently made three major acquisitions outside the North West, and primarily holds assets in the office and industrial sectors.

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