Gloucestershire property developer Robert Hitchins Ltd has sold Mill Place Industrial Estate off Bristol Road in Gloucester for £10.4 million.
London headquartered investment firm Picton Property Income has bought the 19-acre site, home to 25 businesses including book business Reuseaworld, Genesis Timber Engineering and Gloucester Carpet Outlet.
It is the second Gloucester deal for the Covent Garden-based real estate investment trust, which last year bought the adjoining Madleaze Trading Estate for £13.1 million.
The deal means it now owns more than 29 acres of land off Bristol Road, with 670,000 square feet of warehouse and ancillary accommodation and a site coverage of 52 per cent.
Michael Morris, chief executive of Picton Property Income, said: ‘By combining these two holdings, we have created a larger asset, providing our occupiers with greater choice and the potential to unlock further asset management opportunities.
‘In the short term, we intend to improve and reposition the estate to broaden its appeal to new and existing occupiers, while also exploring longer term options to realise the full potential of this substantial city centre, canalside location.’
John Jones, senior asset and development manager at Boddington-based Robert Hitchins, said the sale was part of its plans to ‘reposition and modernise’ its commercial property portfolio that would lead to ‘new development and investment acquisition’.
By Andrew Merrell
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