Legat Owen has completed the £2.6million acquisition of an industrial facility on Zone 2, on Deeside Industrial Park in Flintshire from owner-occupier, Atlas Copco IAS UK.
In parallel with the purchase, Legat Owen has agreed a back-to-back letting to PJMCO 2021, a company which manufactures security lockers, on a 10-year lease at a rental income of £300,000 per annum. The letting is subject to an extensive refurbishment, which is being overseen by Jon Hardie of Legat Owen’s building surveying team.
Located on Second Avenue, the site comprises a high-quality industrial facility providing 61,870 sq ft (5,748.0 sq m) of manufacturing and warehouse accommodation up to a max. eaves height of 8.2m including offices on a high-profile, self-contained site of 3.7 acres (1.5 hectares).
Speaking about the deal, Matthew Pochin, director at Legat Owen, commented: “Legat Owen has been involved in the life-cycle of the building, having advised on its acquisition, refurbishment, letting and ongoing management. Securing an occupier upon acquisition has meant a continuous income stream for our client and the refurbishment will further raise the value of the asset.”
Hill Dickinson acted as the legal adviser for PJMCO 2021.
Keystone Law and Legat Owen represented a private investor.
Bolton Birch advised Atlas Copco.