A Bolton-based commercial property investor has acquired two new properties worth combined £4.5m as its UK portfolio grows.
Commercial property specialists Millfield Estates, operated from Deakins Mill Way, Egerton, has acquired a Grade II listed building in Bury St Edmunds worth £1.75m and a modern office in central Edinburgh worth £2.75m.
This takes its total property portfolio across the UK to 17.
Taking on a 164 year lease of the 10,091 sq ft The Old Library in Bury St Edmunds, Millfield Estates will have full ownership of the three shop units at the attractive flagship multi-let site, with Sofas & Stuff, Harriet’s Café, and the Halifax as the current long-term tenants.
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Bury St Edmunds is an historic market town with an affluent and loyal retail catchment. Millfield Estates decision to invest in the area reflects this status but is also in no small part due to total visitor spend increasing by 13.30 per cent in the last five years and over £10m invested into the hotel sector in recent years.
Paul Dobson, property director for Millfield Estates, said: “Bury St Edmunds is a town with fantastic transport links to the South East and this has reflected in the growing influx of visitors to the area.
“This area has long been on our radar as one to seriously invest in, and as soon as we saw The Old Library come onto the market, it seemed like an excellent opportunity.
“We now look forward to working within the town and with our current tenants, in order to uphold the grandeur of this iconic Grade II listed building.”
Additionally, the multi-let office building Venue Studios sits opposite Edinburgh Waverley Station, with the fourth floor benefiting from a large roof terrace, perfect for entertainment and events space.
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The office accommodation was refurbished in 2008 and the suites comprise 7,960 sq ft in total.
Millfield Estates will be working with award-winning architect firm John Thompson & Partners LLP, the largest exporters of Scottish salmon, Salmon Scotland Ltd, and PR & marketing firm The Big Partnership Group Ltd at Venue Studios.
Mr Dobson added: “Millfield Estates has forged a proud reputation in England and it has long been our ambition to expand into Scotland, with Edinburgh a particular target. After several near misses we are pleased to have secured this excellent opportunity.
“With Venue Studios on the doorstep of Waverley Station and in the heart of Edinburgh city centre, we have no doubt that our first Scottish acquisition will be incredibly beneficial both for ourselves and the tenants in the building.”
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With more than three generations contributing to the Millfield Estates legacy, the company has built a sustainable portfolio of industrial estates, trade counter developments, offices and prime retail units spread throughout the UK, with Manchester, Liverpool, Cheshire, London, and St Albans five of its key areas.
To find out more about the Millfield Estates visit the website www.millfieldestates.com.
If you have a story or something you would like to highlight in the community, please email me at lewis.finney@newsquest.co.uk or DM me on Twitter @lewisfinney18.
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