Winsford’s Artis Park sold for £22.8m
Winsford Devco, a joint venture between Maple Grove Developments, Kier Property, and Yorvale, has sold the 124,500 sq ft industrial estate to the Albert Gubay Charitable Foundation.
B8 Real Estate and Eversheds Sutherland advised the joint venture on the £22.8m deal. Christopher Dee and Land Law represented the foundation.
“The sale of Artis Park reflects the value of this excellent investment asset which is a direct result of the high specification and quality of the development,” said Leigh Thomas, managing director at Kier Property.
“The JV recognised the lack of Grade A industrial supply at the inception of the multi-let scheme; it is excellent to see the regeneration of this site delivering new jobs and first-class space for businesses to grow.”
Artis Park, which had a development price tag of £14m, has been delivered in two phases.
The first, which finished in September 2020, built ten units representing a total of 68,500 sq ft of warehouse space. Most of these units have been let and tenants include Screwfix, Toolstation, and Ross Care.
The second phase finished this February and focused on the creation of three large units representing 56,000 sq ft of employment space. All of these units were let before practical completion.
The spaces at Artis Park range from 4,000 sq ft to 26,620 sq ft in size. Artis Park is 83% let, thanks to the work of joint letting agents Gerald Eve and Legat Owen.
“Artis Park has performed very well right from the start,” said Nik Puttnam, senior development manager at Maple Grove Developments.
“Throughout the life cycle of the project we have worked very closely with the letting agents, Gerald Eve and Legat Owen, who have excellent knowledge of the Winsford market,” Puttnam continued.
“Securing so many occupiers has allowed the JV to maximise the value of the asset and successfully dispose of Artis Park at a very respectable yield.”
Located off Road One in the Winsford Industrial Estate, Artis Park is six miles away from Junction 18 and 11 miles from Junction 19 of the M6.
That location proved to be a selling point for Derwent Estates, which is the operating subsidiary of The Albert Gubay Charitable Foundation. The charity supports a variety of “good causes”, according to its website.
“We have been keen to acquire a well-located and modern industrial asset to fulfil our current investment objectives,” said Jonathan Black, property director at Derwent Estates.
“The acquisition of Artis Park is a great addition to our industrial holdings and further diversifies our portfolio, which is predominantly made up of retail warehouse schemes across the North of England,” he continued.
“This opportunity fitted with our investment criteria and will allow the group to generate more income for the charity it serves.”