A £100m fund managed by property investor JR Capital and industrial asset manager Chancerygate has acquired the 40,000 sq ft Commerce Trade Park for £3.45m.
The purchase was made from investment and property management company London & Cambridge Properties.
The business park is on New Chester Road, around one mile south of Birkenhead town centre in the Wirral. It comprises four road-facing trade counter units, eight industrial and two office units ranging from 606 sq ft to 7,747 sq ft.
Anchor tenants include construction materials supplier Saint Gobain Building Distribution, building supplies specialist Toolstation, and kitchens and joinery firm Benchmarx.
The deal brings total investments made by the JR Capital-Chancerygate fund to £32m. It has an industrial portfolio totalling 400,000 sq ft, following its most recent purchase before this of a nine-unit portfolio at Cardiff’s West Point Industrial Estate.
The fund has a further £68m to spend over the next 12 months and said it intends to raise further capital. It is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m.
Other properties managed by the fund include Brunswick Park near Newcastle airport; Sandbeds Trading Estate in Ossett, West Yorkshire; Wollaston Industrial Park near Wellingborough and a portfolio of five assets near Northampton town centre.
Michael Ferris, JR Capital’s head of investments, said: “This is a welcome addition to our growing portfolio and increases the funds exposure to the North West region of the UK.
“The trade park is ideally situated in a prominent position on the main trade thoroughfare and adjacent to the Wirral Waters regeneration site.”
Chancerygate’s asset manager David Tyson added: “Commerce Trade Park boasts an impressive line-up of occupiers from some very well-known brands, many of which have performed exceptionally well despite the challenges posed by the pandemic.
“The addition of the trade park to our fund’s portfolio strengthens it significantly and we look forward to announcing further acquisitions over the coming months.”
Chancerygate’s asset management team manages £220m of assets across 4.9m sq ft of UK commercial space in around 350 units.
London-based JR Capital is a multi-family office firm focussing on real estate, which provides a platform for Middle East-based private and institutional clients to co-invest in the UK and European real estate markets.
Agency B8 Real Estate acted on behalf of Chancerygate and JR Capital in the acquisition, while Mason Partners acted for LCP.