Pin buys Manor Park industrial site
Pin Property has acquired eight vacant industrial units totalling 140,000 sq ft at Manor Park Industrial Estate, Runcorn, from First Investments.
The acquisition follows the recent disposal by Pin of a mixed-use portfolio to Clearbell Capital in May for £18.4m.
The newly acquired units are located across Christleton Court, Aragon Court and Boleyn Court and range from 39,000 sq ft down to 3,310 sq ft.
Pin Property represented itself, as did First Investments. B8 Real Estate, Altus Eileen Bilton and BE Group have been appointed to market the scheme.
Pin Property said the Manor Park units would undergo a £2m refurbishment over the next 12 months.
Imran Younus, marketing director of Pin Property, said: "We took a strategic view to dispose of some assets in the portfolio to crystallise value. Our aim is to reinvest the money by refurbishing vacant industrial sites, which is our speciality. We have already done this at Whitehouse Vale and are currently doing it at Astmoor."
Cllr Rob Polhill, leader of Halton Council, said: "Pin Property has an impressive track record in creating accommodation that companies want to occupy, and have been very successful with what they have achieved so far at Manor Park, Whitehouse Vale and Astmoor. I wish them success with this latest project – I am sure they will do an excellent job – and the council is pleased to support them as they continue to invest in the borough."