Investor's Westgate Business Park swoop serves to 'underline confidence in the commercial market'
Westgate Business Park, South Humberside Industrial Estate, Grimsby.
By Grimsby Telegraph | Posted: 28 Mar 2017
CONFIDENCE in the area has been underlined by the acquisition of Grimsby’s Westgate Business Park.
Located within South Humberside Industrial Estate, it features 15-purpose built showroom, trade counter and office buildings, producing an annual rent of £177,200.
Brought forward by Hull-based Allenby Construction – now Allenby Commercial – in August 2002, the Estate Road Two site is home to the likes of Viking Hardware, Chris Gunster Motorbike Specialists, Marhsall Brewson, Sylvester Keal and Supreme Bathrooms.
It has been bought from the original developer by a private regional investor.
Acting on his behalf, Andrew Clark (pictured left), of Clark Weightman, said: “Westgate Business Park offers opportunity for a good spread of income, secured with good tenants with some potential for rental growth, with modern purpose-built buildings on one of Grimsby’s leading industrial estates.
“This acquisition definitely shows confidence in the area.”
It is understood the undisclosed deal was done with a pro-active investor making the approach for a site not on the market.
The first phase saw conversion of an existing building, with new units constructed after.
Premises range from 2,500 sq ft to 40,000 sq ft, with Westside valued at £3 million when construction began on what was the former Brittanic Timber site.
Proceeds will be used for further development by Allenby, the company that has just completed construction of phase one of The Trade Yard, a 2.5-acres site off Scunthorpe’s Mannaberg Way.
As reported late last year, Toolstation has moved in to half of the first 10,000 sq ft phase. Phase two, creating units between 2,500 and 20,000 sq ft, is to follow. Work began there after it sold the nearby Parkway Business Park in 2015.