St Albans Acquistion
The St Albans acquisition has subsequently expanded Millfield’s national property portfolio with the addition of a retail unit on Chequer Street. The deal in Hertfordshire was a significant six-figure sum deal.
Millfield completed their second property purchase this quarter with the purchase of the TSB bank unit on Chequer Street. Following the purchase of the Yorkshire House office building on Chapel Street in Liverpool. St Albans is the main high street.
Originally the Queens Hotel, the ground floor unit has a total area of over 1,962 sq ft and benefits from ancillary basement storage. The upper floors of the building have been converted into luxury apartments.
The current tenants, TSB Bank plc, have a ten-year lease of the property which is due for renewal in 2021, another key point.
D & P Klein, represented Millfield Estates, while Brasier Freeth represented the vendors during the deal.
Paul Dobson, property director, commented:
“This was an opportunity to acquire a particularly well-secured, well-located retail investment in a prosperous south east city. We are passionate about developing our portfolio. We are proud to already manage commercial units and retail spaces in Birmingham, Bolton, Cramlington, London, Manchester, Northwich, Nottingham, Sunderland and Wakefield. St Alban’s retail market is especially strong, this was a logical investment for us at this point”
The St Albans acquisition adds to Millfield Estates’ portfolio of over 17 properties throughout the UK. These consist of high specification office space, industrial warehousing and prime high street retail.
Millfield Estates are the property arm of W M L Industrial Holdings Ltd. Paul Dobson manages the development of the company’s portfolio across the UK.
