December 2020 - Costar
Mabey Group has completed the sale of Lydney Harbour Estate in Lydney, Gloucestershire to Mercia Group for an undisclosed price.
Lydney Harbour Estate is a business park in Gloucestershire, extending to around 500,000 sq ft on 50 acres. The estate is let to in excess of 40 tenants with around five years WAULT.
The estate is located with journey times of less than an hour to Bristol, Swindon, Cardiff and Worcester, and less than 2.5 hours to Birmingham, Nottingham, London and Exeter.
Samuel Clark, CEO of Mercia, said: “This acquisition underpins our strategy of procuring defensive, granular income without concentration risk which is underpinned by independent ‘mom and dad’ businesses. The estate serves a 20 mile radius of south west Gloucestershire where the Forest of Dean prevents high density commercial sites which is fundamental to the high occupancy levels. Most of the businesses which occupy the site are second and third generation family owned concerns and we plan to immediately invest in the estate to ensure that the popularity of this estate continues.”
Duncan Campbell, Director at Campbell Gordon, Mabey Group’s strategic property advisers, added: “This particular disposal straddled the current pandemic, it was conceived and agreed prior to the spring lockdown and has now been successfully completed. The sale is indicative of the strength of the secondary industrial investment market despite the current economic turbulence and has allowed Mabey to fulfil its aim of supporting the transition of the Estate into new ownership and the next exciting phase of its operations.‘
Mercia Real Estate is a privately owned real estate and asset management business based in Birmingham with interests in the commercial and residential property sectors.
Mabey Group was advised by Campbell Gordon and Kimmre, and Mercia was advised by Hennings Hume.