Harworth Group has acquired Towngate Business Park, a multi-let industrial estate in Widnes, Cheshire, from Towngate Plc for c.€15m (£12.7m). The transaction is in line with Harworth’s strategy of growing its income portfolio to cover its overheads from recurring rental income from investments which also offer value enhancement opportunities.
Towngate Business Park, a former Golden Wonder food factory, comprises a total of c. 262,000ft² of industrial space, which has been divided into nine warehouse units, ranging in size from 4,000ft² to 77,000ft², and 3.8 acres of open storage. Occupiers include Aggreko UK, Xpel Marketing, Initial Packaging and QA Flooring.
Located on Everite Road, Widnes, Towngate Business Park provides easy access to the M62 via the M57 (1 mile) and south to the M56 (1 mile), leading to the M6. Liverpool John Lennon Airport, the Port of Liverpool and Manchester International Airport are all situated within a 24-mile radius.
Richard Bousfield, Head of Income at Harworth Group, commented: “Towngate Business Park is a fantastic addition to our income portfolio, adding recurring income whilst also presenting asset management opportunities to generate future value. The acquisition builds on our ambition to grow our exposure in the North West, where the industrial market continues to see very high levels of occupier demand and extremely limited supply which is resulting in positive rental growth forecasts.”
Tom Lamb, Property Manager at Towngate PLC, commented: “After 21 years of ownership of the site at Widnes, it will be sad to say goodbye, however, the sale offers us an exciting opportunity to explore our investment plans closer to home, within the Yorkshire region.”