Millfield Estates acquires two new properties worth a combined £4.5m as UK portfolio grows
Commercial property specialists Millfield Estates has acquired a Grade II listed building in Bury St Edmunds (£1.75m) and a modern office in central Edinburgh (£2.75m), taking 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 Cafe and the Halifax as the current long-term tenants.
Bury St Edmunds is a 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% in the last five years and over £10m invested into the hotel sector in recent years.
The Vendor was represented on this purchase by town centre property consultants GCW.
Paul Dobson, property director for Millfield Estates, commented:
“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.”
Benefiting from striking views across the City, Millfield Estates seven-figure investment in the three upper floors of this superb building on Calton Road marks their first property purchase north of the border.
A high-quality 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.
Grade A office accommodation which was comprehensively refurbished in 2008, the suites comprise 7,960 sq ft in total.
Millfield Estates will be working with award-winning architect firm John Thompson & Partners LLP (second), the largest exporters of Scottish salmon, Salmon Scotland Ltd (third) and PR & marketing firm The Big Partnership Group Ltd (fourth) at Venue Studios.
Paul Dobson, property director for Millfield Estates, 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.”
Millfield Estates were represented on this purchase by global real estate consultants Jones Lang LaSalle whilst Knight Frank acted for the vendor.
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 just five of its key areas.