St Modwen has acquired the 100,000 sq ft Old Mill Industrial Estate in Preston from a private vendor for £4.15m.
Old Mill is a multi-let estate with 45 units. Located on School Lane in Bamber Bridge, the site offers easy access to the M6, M55, M61 and M65 motorways.
This latest acquisition follows St Modwen's purchase of Moorgate Point in Knowsley last month. St Modwen's North West portfolio includes a range of assets in Farnworth and Wythenshawe town centres, Trident Business Park in Birchwood and Blackburn Innovation Centre.
Steven Knowles, regional director of St Modwen, said: "Old Mill is another complimentary addition to our portfolio, following on from the recent acquisition of Moorgate Point, and grows our rent roll in the North West to around £11m. The estate provides units which are ideal for the busy local market and it is home to a good range of businesses. We are noting a continued demand for accommodation across our portfolio, having concluded nearly 40 new lettings this year, and we are actively looking for further opportunities across all sectors."
Lambert Smith Hampton and Pinsent Masons represented St Modwen and GVA represented the vendor.