Â£13m deal for Preston business park
Harworth Group plc, the brownfield regeneration and property investment specialist, has acquired Four Oaks Business Park in Preston for Â£13.4 million.
The move is part of its strategy to strengthen its income portfolio and expand further its presence in the North West.
Four Oaks is located five miles to the south east of Preston at Walton Summit and sits near the intersection of the M61, the M6 and the M65.
The site is convenient for Harworth’s Logistics North development in Bolton and its recently acquired Moorland Gate Business Park in Chorley
The site extends across 19.4 acres with 428,800 sq ft of built logistics warehousing space.
Four Oaks is a multi-let investment comprising six lettings.
The estate is currently fully let and tenants include FDC (Holdings) Ltd, Bosal Automotive and H Parkinson Haulage.
The acquisition was wholly funded through existing cash reserves and completion took place within six weeks of agreeing heads of terms.
It is Harworth’s fourth major acquisition of 2016, with £55 million of acquisitions now made sinceDecember 2014 .
Owen Michaelson, Chief Executive Officer, said: “The acquisition of the well-located Four Oaks Business Park continues the process of increasing and improving the quality of our recurring income base whilst also providing a blend of asset management and development opportunities to generate future value.”
Gary Owens, Director of Acquisitions, added: “This is an excellent purchase for Harworth, reinforcing our objective of replenishing our portfolio with new sites in the regions in which we already operate.”