WUKPG buys Wales sheds from Mileway
The developer and investor has acquired 100,000 sq ft of industrial space across two sites in Gwynedd and Denbighshire and plans to spend £15m upgrading them.
Manchester-based Western UK Property Group bought Ty’n-y-Llidart Industrial Estate in Corwen and Marian Mawr Enterprise Park in Dolgellau from Mileway.
The assets were marketed for sale at £4.5m and £1.4m respectively.
Ty’n-y-Llidart Industrial Estate
The 76,000 sq ft park in Denbighshire is fully let with a WAULT of 2.1 years. It has an estimated rental value of £389,000.
The anchor tenant at Ty’n-y-Llidart is Grace Foods, a £75m turnover food production company that counts Ancona sauce among its products.
As well as the industrial units, the acquisition includes three acres of developable land.
Marian Mawr Enterprise Park
The 36,000 sq ft Gwynedd complex is also fully let and has a WAULT of 3.4 years. It has an estimated rental value of £157,500 or £4.69/sq ft.
The anchor tenant is Nimbus Foods, which supplies toppings to companies including Mars and Nestle.
It is the strong covenants provided by two established food production companies that attracted WUKPG to the assets.
“North Wales is a region with a well-established skilled workforce in the growing food production sector and the sites are occupied by global operators,” said Oliver Lipson, founder of WUKPG. “With the current impact of Brexit and pressures from an overseas supply chain its important the UK has self-sustained production ability to meet its domestic food supply chains”.
“We plan to invest a further £15m to redevelop the sites over the next five years to deliver high specification food manufacturing facilities to accommodate the occupiers’ industry processes and to meet their BREEAM property requirements”.
Lambert Smith Hampton marketed the sites for Mileway. WUKPG was unrepresented.
Last year, WUKPG lodged an application to redevelop Vauxhall Industrial Estate on Greg Road in Reddish into a 205,000 sq ft scheme.