Hurstwood Holdings, the Manchester based property investment and development company with a £300 million national portfolio, has acquired an 8,178 sq ft modern office building on Chester Business Park for an undisclosed sum, with a net initial yield of circa 14%.
Hurstwood Holdings bought 3-4 Hilliards Court; a modern two storey purpose built office building with four self-contained suites from a private vendor. Only one suite of 1,826 sq ft is currently available with the other three being let to Howden Group Services Limited, TBC Recruitment Limited and Eclipse Creative Construction Limited. Hurstwood plans to convert the remaining suite to provide flexible office solutions for local occupiers from 200 sq ft.
Stephen Ashworth, Chairman and CEO of Hurstwood Holdings, says: “I have been keen to acquire properties on the prestigious Chester Business Park for some time so I am very pleased to have secured this purchase. Whilst we are currently operating in a very challenging market, Hurstwood continues to perform with several more deals already in the pipeline. We have an exceptional team helping to make these deals happen and I wanted to make a special thank you to Jayne Hindle, our in house lawyer for her amazing work.”
King Street acted on behalf of Hurstwood Holdings with LHV providing the funding and Gateley was the legal advisor. BA Commercial represented the vendor.
Hurstwood Holdings currently has a property portfolio comprising more than 150 sites nationwide housing in excess of 1,000 occupier clients.