Independent property company, Hortons’ Estate Ltd has completed the acquisition of the former Avnet distribution centre in Newcastle-under-Lyme.
The family owned business plans to invest in the refurbishment of the 67,828 sq ft industrial and logistics unit, which is located on the well established Lymedale Business Park, off Dalewood Road in North Staffordshire.
The building was formerly home to global technology solutions company, Avnet which moved its operations to one of its existing sites in Tongeren, Belgium because of uncertainties around Brexit.
Lymedale Business Park is an established industrial park of c.75 acres which lies one mile north of Newcastle-under-Lyme and is adjacent to the A34, providing access to junctions 15 and 16 of the M6 motorway to the south and north.
It is home to a number of major occupiers including TK Maxx, New Look and Asda.
Jeremy Boothroyd, management surveyor, Hortons’ said: “We are pleased to have acquired a building in such a prominent location, which adds to our growing property portfolio. We are also delighted to have secured an investment in a sector that has continued to perform strongly throughout the challenges of the last 12 months. Lymedale Business Park is a popular destination for occupiers, given its close proximity to the regional and national motorway networks. Work will now commence on the refurbishment of the building to modern standards, including removal of the existing mezzanine floors to appeal to occupiers.”
David Smeeton, Director of Smeeton and Dixon Consultancy, advised Hortons’ on the acquisition. He said: “We are delighted to have represented Hortons’ on the acquisition of this high quality warehouse unit, which provides an excellent ‘value add’ opportunity.”
Avnet was represented by Cushman & Wakefield.