Chancerygate has sold the freehold of its 87,287 sq ft industrial estate in Welwyn Garden City, Hertfordshire.
Called Tewin Court, the 20-unit industrial estate has been acquired by real estate funds managed by Blackstone for an undisclosed sum.
We have managed Tewin Court since 2013 and the estate is fully let with a passing rent of approximately £700,000 per annum. Tenants occupying the site include precision engineering specialist Unicut; electrical distributor Amerco; and industrial fixings and fasteners wholesaler Metro Fixings.
Commenting on the sale, Chancerygate asset manager, George Jerram, said: “We’re pleased to have successfully managed Tewin Court for the last 7 years, during which time we have raised the income significantly.
“It was the right time for us to sell the estate and we are pleased to have secured such a reputable buyer at this time, despite the current challenges posed by the market.”
Chancerygate was advised on the sale by commercial property investment advisor Stonehill Partners.