FOUR industrial parks and two flexible workspace sites near Chester have been sold in a deal worth about £9m

Acting on behalf of Brymau Estates, Legat Owen has announced the sale of the multi-let portfolio of managed workspace developments in Saltney to Sandyford Properties.

The assets acquired are all located in close proximity in Saltney.

Together they account for about 230,000 sq ft of lettable space accommodating more than 90 occupiers and generating a total net income of circa £915,000 per annum.

The properties include Brymau Two and Three, Four and Six; The Sidings and Red Hill House.

The deal is a significant one for Sandyford Properties which until now has been focussed principally on multi-let industrial assets in Staffordshire.

Managing director Paul Brindley said the deal is a great fit for Sandyford Properties and represents a continued evolution of the business.

He said: “Brymau Estates has been in family ownership for over 50 years and, as such, epitomises much of the long-term approach and the values which are consistent with our own business.

"Much like the existing Sandyford Properties’ sites, the portfolio largely consists of sub 10,000 sq ft units, many of which are let to local, owner-managed businesses with which we can pursue a partnership approach, providing them with the space to grow.”

The properties have been well maintained with more than £850,000 invested in building improvements over the last five years. Each scheme has its own dedicated on-site management team who will be transferred to the buyer upon sale.

Ben Lamont, surveyor at Legat Owen, said: “The purchase shows the continued demand for high yielding assets with the ability to add value to the portfolio through strategic asset management.

"The schemes are well established business destinations with an impressive list of clients, an excellent track record of lettings and a strong brand presence.

"The buildings have been expertly managed to date and Brymau Estates should be praised for handing over a portfolio of buildings of a very high standard.”

Hillyer McKeown acted as the legal adviser for Brymau Estates.

Sandyford Properties was advised by Hill Dickinson and Woodfellows LLP.