St Modwen acquires two North West sites in £13.5m deal

St Modwen Properties, the brownfield and urban regeneration firm, has acquired two industrial estates in a multi-million pound deal.

The Warrington-based developer snapped up Preston and Warth Industrial Park and The Old Mill Industrial Estate, in Bury, from property investment firm Hamilton Heath Estates for a combined £13.5m.

Together, the two sites comprise 360,000 sq ft of warehouse and office space, according to Property Week, providing St Modwen with a new source of income and presenting future opportunities for development.

Property consultancy Bilfinger GVA represented Hamilton Heath Estates during the transaction.

Gurminder Manak, a member of Bilfinger GVA’s Manchester-based investment team, said: “Hamilton Heath Estates has taken advantage of current market conditions to dispose of their interest in Old Mill Industrial Estate and Preston and Warth Industrial Park in Bury. The sale enables them to realign their existing portfolio.

“Hamilton Heath Estates continue to search for other industrial opportunities where they can add additional value.”

As of the sale, both estates combined were 95% occupied.