Harworth Group has bought Moorland Gate Business Park in Chorley from FDC Holdings for £4.5m, a net initial yield of 9.5%, as part of its strategy to expand its presence in the North West.
Moorland Gate is a 10.7-acre site, with 125,000 sq ft of warehouses, alongside two acres of development land. There are 24 tenants, including FDC and Stagecoach.
In its statement to the stock market this morning, Harworth said that asset management and development opportunities were to be explored at the site.
Moorland Gate is less than three miles from the M61, and near to Harworth’s Logistics North development in Bolton.
Owen Michaelson, chief executive of Harworth, said: “Moorland Gate acquisition is Harworth’s third major purchase of 2016 and reflects our objective to replenish our portfolio with new sites in the regions in which we already operate. This well-located investment is an excellent fit to our portfolio being a liquid, income-producing asset with further asset management and development opportunities.”
Aherne Property Consultants advised the vendor.