January 2019

Chester Office Space Snapped Up In £4m Deal

Acting on behalf of private clients, Legat Owen and joint agent ADS have successfully sold Eden House, a prime freehold office investment on Chester Business park to Cheshire based SHS Estates, in a deal worth in in excess of the £4.25 million 7.35% Net Initial Yield (NIY) guide.

Situated one mile south of Chester city centre, the scheme comprises 21,750 sq ft of high quality office accommodation and is fully occupied by Sinclair Pharmaceuticals, Target Group and Succession Financial Management.

Key occupiers on Chester Business Park include M&S Money, Bank of America, MBNA, The Funding Corporation, Regus, Tetrapak and GB Group.

Will Sadler of Legat Owen said:

The property was brought to the market in September and we are pleased to have secured a sale within four months.  There was significant interest from a wide range of local, regional and national buyers, attracted by the tenant profile, 100% occupancy and the prospect to add value with a number of asset management opportunities.  The sale concluded a successful year for the investment team with a number of noteworthy transactions and we look forward to improving on this in 2019.

Will Sadler, Legat Owen

SHS Estates were unrepresented.