Ribston, a business set up by ex-Hansteen directors in 2016, has acquired Taylor Business Park near Culcheth, Warrington, for £19.2m.
The deal represents the first time the park has ever been sold. The site consists of 55.15 acres of land with built stock comprising 285,000 sq ft across industrial and offices. It has extensive HGV parking facilities.
Taylor Business Park was put up for sale in April of this year, through CBRE and Antrobus Capital Partners, and went under offer in June before the deal was completed this month.
Ribston has offices in West Yorkshire and London and was set up in April 2016 by former senior Hansteen men Mark Ovens, James Havery and Joe Havery, all of whom had previously worked at Ashtenne.
The business is substantially backed by Aviva, and launched a £107m fund, the Ribston UK Industrial Property Unit Trust, in December 2016. To date, most of its investments have been in the North.
Paul Taylor, managing director of Taylor Business Park, said: “We’re delighted that the buyers, Ribston, based in West Yorkshire have a similar hands-on approach to ours and want to see the site sustain its high level of security and appearance and that have been maintained since the 1960s.
“We’re sad to see it go but this is a new chapter for everyone now. The plan is to reinvest the funds into Warrington and the North West, sticking to industrial and commercial property and steering away from retail.
“The sale of this site and the price it has achieved just go to show how much investors recognise Warrington and Cheshire as a key part of the Northern Powerhouse and how it’s a logistical jewel in the crown of the North West.”
The Taylor family bought the land, which had previously been used by the Government’s Ministry of Supply, in the 1960s. Along with CBRE and Antrobus, KK Thompson and Claire Murphy Legal advised on the deal.
Taylor added: “We’re looking forward to exciting times ahead. We’ve created a new management company, Taylor Estates, and we’ve already started looking at some interesting properties that are out there”
In a statement, Ribston said: “We are delighted to have completed the acquisition of Taylor Business Park which represents a significant holding for us and is complimentary to other assets in our fund. From the first inspection we were immediately impressed by the attentive manner which three generations of the Taylor family had managed the estate.
“Having now acquired it, we look forward to forming our own relationships with the tenants, many of whom have had very longstanding presence on the property. Having a material asset in Taylor Business Park consolidates our representation in the North West where we own a number of properties on Trafford Park and also in Preston, Wigan, Bolton, Accrington and Stockport.”