NEWS ARCHIVE

TARGETFOLLOW SELLS £1.6MILLION OF PROPERTY AT AUCTION | 17/06/04

Targetfollow, the leading East Anglian property investment and development group, has sold Altbarn Industrial Estate, Colchester, 156 County Road, Walton and Springfield Garages, Wigan by auction for a total of £1.6 million.

Altbarn Industrial Estate, Colchester was sold for £805,000. It totals 17,090 sq ft and comprises two industrail units on the ground and mezzanine floors. The property, which includes parking for approximately 19 vehicles, is let to National Tyre Service Ltd and Thermo Life Sciences Ltd on a lease to 2013 and 2012 respectively for a combined rent of £60,000 pa.

156 County Road, Walton, sold for £110,000, is a retail and residential investment with a vacant flat. Totalling 535 sq ft and located in a suburb three miles north-east of Liverpool City Centre, the property is let to a hairdresser on a 3 year lease for £10,860 pa.

Springfield Garages, Woodhouse Lane, Wigan was sold for £733,000. It is a freehold neighbourhood shopping centre investment with active management potential. Comprising 8,680 sq ft, it comprises five retail units on the ground floor, a first floor dance studio, and a car sales forecourt. The property includes parking for about 16 vehicles. Current tenants include Co-Op, John Aston Carpets and The Raj Bangladeshi Restaurant.

These sales form part of a wider strategy to sell a number of smaller, well let properties, which have been achieving good prices at auction. Others to come in future auctions are Briercliffe Shopping Centre in Burnley and Longsight Shopping Centre in Manchester.

Cushman & Wakefield Healy & Baker acted for Targetfollow.

For further information, please contact:

Ian Fox
Targetfollow
Tel: 01603 767616

Molly Dover / David Foxman
Tavistock Communications
Tel: 020 7920 3150