Acting on behalf of NFU Mutual Insurance Society, Legat Owen are delighted to have completed a sale of 27 Newgate Street, Chester to Panacea Property Development.
Extending to a total of 16,700 sq ft the property is prominently located within the City Walls and provides a vacant ground floor restaurant and 3 levels of self contained office above. James Lutton comments
We commenced marketing September 2021 targeting both developers and owner occupiers. Significant interest was generated and we received a number of credible offers by the bid closing date. Having undertaken the requisite due diligence, a preferred bidder was selected and a timetable agreed. All parties worked together proactively and we were able to complete the sale within 6 weeks and critically, before our clients year end.
Will Sadler also confirmed that Legat Owen are now retained by the purchaser to secure an occupier for the ground floor restaurant as well as the offices on the upper levels.
The purchaser will be undertaking a significant and high quality refurbishment of the office space which will be ready for occupation summer 2022. There is a growing need for smaller, higher quality offices suites within Chester and 27 Newgate Street will make a significant contribution to meet this need.
