Aviva Investors has sold 51,000 sq ft of offices on Birchwood Point Business Park in Warrington to CEG for an undisclosed sum.
Appleton House and Atlantic House are located on Birchwood Boulevard, and are both self-contained, three-storey, HQ-style office buildings.
Appleton House totals 30,666 sq ft and is the EMEA headquarters of global athletic footwear, apparel and accessories company, New Balance.
Atlantic House offers 20,676 sq ft of offices, and has been vacant for 18 months. Following the acquisition CEG plans to fully refurbish the building.
Antonia Martin Wright, head of investment in the North at CEG, said: “This scheme has all the hallmarks we look for in an investment opportunity. Appleton House has achieved an excellent covenant in New Balance and, by refurbishing Atlantic House, we are confident we can replicate the success that has been achieved at its sister building, helping to drive forward rental values and maximise the value of the asset.”
WHR advised CEG on the purchased and has been retained as joint agent with Savills.
It is anticipated that Atlantic House will be available for occupation in spring 2017.
Aviva Investors was advised by Savills.