Legat Owen announces trio of investment deals

Michael Hunt

Chester-based surveyor Legat Owen has reported a hat trick of investment deals in Runcorn, Wrexham and Anglesey.

Threadneedle has completed a deal on the 65,750 sq ft Holyhead Retail Park in Anglesey, North Wales, from vendor Pettifer Estates for £8.3m, reflecting a net initial yield of 7.05%.

Legat Owen and CBRE represented Pettifer Estates and Mason & Partners acted for Threadneedle.

Legat Owen has also sold 51-53 Hope Street in Wrexham for just over £3.76m to an unnamed investor on behalf of vendor HMG, reflecting a net initial yield of 6.58%.

A Barclays bank and Thorntons store occupy space at the address. The current rent is quoted at £262,000 a year. K A Property Services acted on behalf of the purchaser.

Elsewhere, Redrow Commercial has sold the 9,993 sq ft Priory Court detached office building in Preston Brook, Runcorn, to an unnamed investor for £1.39m, reflecting a net initial yield of 9.5%.

Engineering company Projen PLC occupies the office building having agreed a ten year lease deal which commenced on 22 September 2009. The current rent stands at £139,902 a year.

Priory Court, constructed by CDP Developments in 2000, is a two-storey self-contained office formerly used as the Redrow offices. The office is situated near Junction 11 of the M56 motorway in Cheshire.

Legat Owen and DTZ both acted on behalf of Redrow, while Matthews & Goodman represented the purchaser.

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