OTHER NEWS

HMG SET TO REALISE RETAIL OPPORTUNITIES IN BURTON

EARLY PLANS SUBMITTED FOR PRESTWICH REDEVELOPMENT

HMG APPOINT RICKITT MITCHELL DIRECTOR AS CHAIRMAN

HMG SEALS QUICK DEAL DESPITE COMMERCIAL PROPERTY SLOW-DOWN

REPORTING ON A SUCCESSFUL YEAR

HMG ACQUIRES AT AUCTION

HMG ACQUIRES AGAIN IN WREXHAM

JULY 2008
HMG SEALS QUICK DEAL DESPITE COMMERCIAL PROPERTY SLOW-DOWN

North West commercial and retail property investors Hollins Murray Group Ltd (HMG) has completed the investment acquisition of 10,000 sq ft of office space at Daresbury Park, Warrington and despite a worryingly slow investment market, was able to complete the deal within just 2 weeks.
Unusually, the deal was put together by an intermediary who agreed to buy the property with vacant possession and simultaneously agreed terms to let it to Carillion Plc on a new 10 year lease at a rent of £164,000 per annum. HMG stepped in when the deal looked like it was going to collapse.

Nick Casson, HMG Director commented, “The attraction to us here was that the intermediary didn’t want to complete the contract, but had put together a valuable investment. Our reputation and our ability to purchase the property for cash enabled us to agree the deal at a comparatively attractive net initial yield of 7%, the only proviso being that we had to perform quickly. Whilst setting our stall out as retail investors, we are always deal driven and are hoping that the current weakness in the investment sector may lead to similar potential acquisitions for us. We remain very much in the market”.

Stewart Montrose acted for HMG whilst the vendor was advised by Bolton Birch.