Liverpool-based Redsun acquires 15,000 sq ft industrial space in Chester
Redsun Investments has purchased a 15,000 sq ft industrial unit in Chester.
The Liverpool-based property firm acquired the site, located on Sovereign Way, from an Irish investor advised by professional services giant JLL.
The property was previously let to energy company SP Manweb, which vacated the unit ahead of a lease expiring this year.
Redsun said it agreed terms for a back-to-back surrender of the lease to SP Manweb and the simultaneous grant of a new 10-year lease with motor group Inchcape.
Inchcape will use the unit for storing and preparing new cars to support its dealerships in the area.
Redsun director Craig Booton said: “The unit occupies a prominent position on Sovereign Way and benefits from a substantial secure yard.
“We were confident that there would be tenant demand and are pleased to have successfully secured a new tenant with excellent covenants so quickly after purchasing the unit.”
Commercial estate agency Legat Owen advised Redsun on the deal.
Stephen Wade, director at Legat Owen, commented: “Modern units of this nature with a large secure yard are few and far between.
“We were aware that Inchcape had a potential requirement for an additional facility and the building is ideally suited to their needs being so close to Sealand Road. They moved quickly to agree terms and complete the deal.”
He continued: “Industrial floor space for the growing SME sector in Chester is constrained and we had several other parties who expressed serious interest. There is definitely a need to bring forward more floor space to meet market demand and we look forward to working with Redsun Developments targeting this market throughout 2018.”