Industrial developer Chancerygate has completed the sale of a 15,400 sq ft unit at Bromborough’s Wirral International Business Park as part of a £2.37m deal with investor Ribston.
The Wirral unit is located at Stadium Court and formerly housed an EE data centre. It was sold alongside a Glasgow building, both of which were acquired by Chancerygate as refurbishment opportunities in 2017 as part of a four-property portfolio.
Following a three-month refit, both were let, with the company securing essential oils company Ungerer on a 10-year lease at more than £5 per sq ft in Bromborough in September last year.
Ownership and the management of the units pass onto Ribston, while the existing leases will remain in place for the current occupiers. Ribston was set up by former Hansteen directors in 2016, and last year acquired Taylor Business Park near Warrington for £19.2m.
David Tyson, asset manager at Chancerygate, said: “We’re extremely pleased with the outcome of this deal. Having sold a number of units to Ribston in the past, we identified them as a suitable purchaser on this occasion for the Bromborough and Glasgow sites.
“This project was part of our ongoing investment and refurbishment strategy and it was a clear success, with significant leases taken out as a result. Now the sale provides us a strong return on our initial investment.”
Knight Frank acted for Chancerygate.