Friday, June 14, 2024

Millfield Estates completes sale of Kingfisher Court in Northwich for a figure in excess of £1.4m.

Bolton-based commercial property investors, Millfield Estates, has finalised the sale of Kingfisher Court, Northwich, for a figure in excess of £1.4m 

The development provides eight industrial warehouse units totalling 12,191 sq. ft, supported by an extensive communal service yard and generous parking facilities on a site of 0.89 acres. The asset is fully occupied and income producing, and was transacted at 5.54% net initial yield and a capital value of £115.00 sq ft, highlighting the strength of the multi-let sector and the sub £5M asset sizes. 

Prominently positioned 1.5 miles east of Northwich Town Centre, and six miles west of Junction 19 of the M6 motorway, Kingfisher Court received immediate interest due to attractive fundamentals that appealed to a wide range of investors, given its location and strong motorway connectivity.

Following its sale, Millfield Estates plans to re-invest funds from the sale into expanding its industrial and warehouse portfolio, remaining dedicated to well-maintained, flexible commercial spaces that cater to the evolving needs of businesses.

Millfield Estates retains a UK-wide portfolio in locations including London, Edinburgh, Liverpool and Bolton.

Paul Dobson, property director, Millfield Estates, said:

“Kingfisher Court has been a part of our varied property portfolio for 15 years, but as we look ahead, we plan to reinvest the proceeds from the sale into future opportunities, expanding our property portfolio across the UK, staying committed to our growth and meeting the evolving needs of our clients and tenants.

“Millfield Estates remains dedicated to delivering high-quality commercial spaces and maintaining a diverse property portfolio. With this recent success, we are well positioned to pursue new ventures and uphold our commitment to excellence in the property sector”.

Wildbrook acted for Millfield Estates on the investment sale.

Neil Higson, director at Wildbrook, states: 

“With immediate interest in this sale, it was important to pitch the pricing at a level that would be achievable, allowing for competitive bidding.

“We marketed the sale in a way to induce 21 inspections in total and go to multiple bidding rounds. The asset has all the fundamentals to appeal to a wide range of investors, given the location (lack of competition) and vicinity to the town centre and motorway connectivity.

“There is an industrial vacancy rate of just 3.9% in Northwich and with rents rising by 8.4% in the past 12 months. Rental growth is achievable given some of the historic leases and how the market has moved during the past 24 to 36 months for starter units between 1,000 sq ft to 2,500 sq ft”.

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