Commercial Property News

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Thursday, May 22, 2023

Lambert Smith Hampton report sale of Warrington business park

Acting on behalf of Lingley Mere Business Park, a joint venture between Muse Developments and United Utilities, agents at Lambert Smith Hampton's (LSH's) Manchester office have reported the investment sale of Building 1, Clearwater, at Lingley Mere Business Park, Warrington.

The two storey, 6,872 sq. ft. building has been sold to Jaymar Estates for 1.5 million, representing a net initial yield of 7.5%. Edwards and Co acted on behalf of Jaymar and is also joint letting agent with LSH. The building is currently let to Wates Construction Limited by way of a ten year lease for a rental that equates to 17.36 per sq. ft.

Lingley Mere is Warrington's premier business park, located on the outskirts of the town within easy reach of the M62 motorway. The Clearwater phase comprises four buildings and the remaining building is now under offer. Levels of interest are so high that a fifth building is now planned for Clearwater.

Phil Mayall, Senior Development Surveyor at Muse Developments, said: "This latest sale represents another vote of confidence in Lingley Mere Business Park, which is continuing to outperform the market following a series of successful deals during the first quarter of this year."

Stephen Hamer, Head of Investment at LSH, commented: "This sale shows that despite a lower volume of investment transactions, there is still a good market for well let, good quality product. The Clearwater phase of Lingley Mere has proven hugely successful with occupiers and investors alike."