Bolton property firm sells six figure asset ahead of local authority redevelopment plans
Bolton-based commercial property investors Millfield Estates has sold its last remaining retail property in Bolton town centre in a £625,000 deal with a Chinese investor. The sale of the three-storey retail and office building, known as Moorland House, comes after Bolton Council announced an ambitious regeneration plan to reorient the focus of the town centre.
Prominently positioned on Knowsley Street, opposite The Market Place Shopping Centre, the 15,625 sq ft retail building currently offers a mix of large open plan showrooms with individual retail units and office suites. As a well-established shopping destination, the property has attracted tenants such as Brand Interiors, Wed2b, Hidden Hearing, Optical Express and Box Power.
Following the sale of Moorland House, Millfield Estates plans to re-invest the funds from the sale into expanding its industrial and warehouse portfolio. The firm, which retains a further five Bolton-based properties, has a UK wide portfolio in locations such as Nottingham, Liverpool, London, Northwich and Northumberland.
Commenting on the news, Paul Dobson, property director of Millfield Estates, said:
“As a Bolton-based firm, Moorland House has been a central feature of Millfield Estates’ portfolio for almost thirty years but we felt the time was right to pass on this prestigious building. The new owners will be able to build on its strong heritage within the exciting local authority-driven plans for the town and we wish them well.
“We are always looking for new opportunities to expand our portfolio and we intend to reinvest the funds released from the sale into new projects of our own.”
The new owners of the property will now take on the management of all the current tenants, with the transfer of the pre-existing lease agreements.
A representative of the investor, said:
“It is clear that Bolton’s town centre will massively benefit from all of the redevelopment plans coming up, so we thought this would be the perfect time to invest. This acquisition is one of our first commercial ventures in Bolton and the team at Millfield Estates have made the transaction seamless. We look forward to working with all of the established tenants at Moorland House.”
Bolton’s town centre and retail offer is set to undergo several major developments in the coming months after Bolton Council announced a £1bn regeneration masterplan.