Hurstwood eyes success with ‘provincial’ office buy
The property investor has bought the 31,000 sq ft Gateway House, located within Wirral International Business Park in Bromborough, from Commercial Estates Group for an undisclosed sum.
Manchester-based Hurstwood said the acquisition was aimed at “capturing the market of companies moving out of the cities into provincial areas”.
“We have every confidence in the resilience of the North West provincial office market,” said Stephen Ashworth, chairman and chief executive of Hurstwood Holdings.
The firm bought the three-storey Gateway House at auction at an initial yield of 15%.
The building is partially let to a number of tenants including care provider Sage Care, Willaston Physiotherapy, and software developer Msoft E-Solutions.
Ashworth said: “Wirral International Business Park is an established and successful business destination and when we came across the opportunity to acquire this building, we immediately recognised the long-term potential that it held.
“We plan to adapt the vacant space to create flexible suites that we believe will appeal to the current market as many companies look to work closer to home and in the provinces as opposed to the cities.”
Together Money provided the finance for the acquisition and law firm Gateley acted as Hurstwood’s the legal representatives. There were no agents involved on either side of the transaction.
