Hurstwood Holdings has expanded its ownership on Chester Business Park with a second acquisition. Following the purchase of 3-4 Hilliards Court at the end of last year, the Manchester based property investment and development company has bought Elegant House – a 15,361 sq ft purpose-built office headquarters for an undisclosed figure with a new initial yield of 16%. The stand alone building, which sits on a 1.77 acre site is fully let to expert travel agency, Elegant Resorts Limited.
Stephen Ashworth, Chairman and CEO of Hurstwood Holdings, says: “Chester Business Park remains a focus for us as we continue on our acquisition trail and look to build on our £300 million UK portfolio throughout 2024. As proactive asset managers, we have already undertaken significant works at Hiliards Court, creating flexible office space from 200 sq ft. Elegant Resorts is a strong covenant that has been in situ for more than 15 years and I am very pleased to add this impressive building and occupier to our portfolio.”
The building was bought from a private investor, Oliver Rowe of Edwards acted on behalf of Hurstwood Holdings with Gateleys providing legal advice. Darren Switzer of LHV arranged the funding.
Hurstwood Holdings currently has a property portfolio valued at over £300 million, comprising more than 150 sites nationwide housing in excess of 1,000 occupier clients nationwide.