Manchester-based property company Elstar has purchased Gateway Park, a multi-let trading estate in Bangor in a deal brokered by OBI.
The acquisition of the Bangor site, which was completed for a price of over £7m, sees Elstar assume ownership of one of North Wales’ prime industrial estates. Gateway Park is prominently located on the main arterial route into Bangor, near the North Wales Express Way and just 2 miles from Bangor City Centre.
The trade park boasts a strong line up of tenants including Screwfix, Travis Perkins, Eurocell, Royal Mail, Toolstation, Enterprise Rent-a-Car and Topps Tiles.
Elstar purchased the site from two different owners. Now under their single ownership, the property company is planning to improve the offering through various asset management opportunities. The business will also be considering the future development potential of Gateway Park to increase its value.
Lawrence Vaughan at OBI, who advised Elstar on the acquisition, said:
“We are delighted to have advised Elstar on this acquisition. Gateway Park is one of North Wales’ main trading estates, is fully let to a best-in-class tenant line up and provides the buyer with excellent rental growth opportunities moving forward. There is also potential to develop on the site to create additional commercial space in the future.
Lawrence Vaughan at OBI advised Elstar on the acquisition, whilst Metis and Avison Young advised the two different sellers. Kuits represented Elstar on the legals.
OBI is based in Manchester and provides advice to clients across its multi-discipline services, which include investment disposals and acquisitions, leasing, building consultancy, business relocations, interior design, project management and dilapidations. This is known as the OBI Difference.