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It is 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.
The asset is fully let and generates rental income of £958,000 per annum.
Harworth said the transaction was in line with its growth strategy and added it intends to invest in the estate, leveraging its asset management expertise to capture rental reversion and explore infill development opportunities over the medium term.
The acquisition has been funded by proceeds from the company s active churn strategy in its income portfolio, recycling capital through the disposal of non-core assets or those where the Group has completed its asset management business plans. Most recently, this manifested in the £3.35 million sale of Lynfield Park, the former Alcan Rio Tinto smelter in Northumberland, in February 2021, ahead of book value.
Neil Tague
Industrial developer Harworth Group has acquired Towngate Business Park, a multi-let industrial estate in Widnes, from Yorkshire property company Towngate.
The asset is fully let and generates rental income of £958,000 per year with an average unexpired lease term of 4.3 years. The deal reflects a net initial yield of 7.1% and a reversionary yield of around 9.4%.
Harworth was advised by Metis and Freeths, while B8 Real Estate and Littler Associates represented the vendor.
Towngate Business Park, a former Golden Wonder factory, comprises 262,000 sq ft of industrial space, now divided into nine warehouse units ranging from 4,000 sq ft to 77,000 sq ft; along with 3.8 acres of open storage. Occupiers include Aggreko UK, Xpel Marketing, Initial Packaging and QA Flooring.