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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. ....

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