Against the really challenging background of UK wide lockdown, we are delighted to have concluded the off-market sale of Tewin Court, Welwyn Garden City on behalf of Chancerygate. The asset was acquired by M7/Blackstone.
Property Week article from 23rd June:
“Tewin Court, the 20-unit industrial estate, has been acquired by real estate funds managed by Blackstone for an undisclosed sum.
Chancerygate has managed Tewin Court since 2013 and the estate is fully let with a passing rent of approximately £700,000 a year. Tenants occupying the site include precision engineering specialist Unicut; electrical distributor Amerco; and industrial fixings and fasteners wholesaler Metro Fixings.
Chancerygate asset manager George Jerram said: “We’re pleased to have successfully managed Tewin Court for the past seven 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.”
Stonehill Partners advised Chancerygate.