Moogs New Ashchurch development - sold

Ashchurch 9 Limited, a joint venture between Birmingham-based Hortons’ Estate and Chase Commercial Ltd, has sold a 44,000 sq ft industrial, warehouse and office development in Tewksbury, Gloucestershire, for £7.38 million.

The property, at Ashchurch 9, close to Ashchurch Parkway, was purpose-built for aerospace and motion control manufacturer Moog Controls Limited.

Savills Investment Management (formerly Cordea Savills) acquired the property on behalf of a long-standing institutional client as part of their ‘Supercore’ portfolio.

The two-storey facility comprises 23,842 sq ft of manufacturing space with an additional 20,053 sq ft of office accommodation, plus 111 car parking spaces.

Moog, which operates five sites across England, including its aircraft group base close to Junction 9 of the M5, is known for having provided the equipment for the retractable roof on the centre court at Wimbledon and for its work with Formula 1 racing cars. This latest investment will see Moog relocate around 100 staff from its UK Industrial Motion Control and Service business, which is currently based on Alexandra Way, Tewksbury, to the new facility, together with support teams from IT, sales, HR and marketing.

The company has a 20 year lease on the property at an annual rent of £456,879.

Richard Norgrove, property director at Hortons’ Estate, said:

This has been a successful joint venture partnership with Chase Commercial.
The development has progressed well, with practical completion having been achieved ready for Moog to move in over the summer.
The development was a significant investment for Hortons’ Estate and we’re pleased to have achieved the sale to Savills Investment Management.
The development has progressed well, with practical completion having been achieved ready for Moog to move in over the summer.
The development was a significant investment for Hortons’ Estate and we’re pleased to have achieved the sale to Savills Investment Management.

Construction of the facility started in November 2014, with Quantum Construction appointed as main construction contractor on the project.

Julian Meredith, director of Chase Commercial Ltd, said:

We are pleased to have delivered another project on time and budget. The project has provided significant investment into Tewkesbury and a long-term home for MOOG in the locality.

James Whidborne, portfolio manager at Savills Investment Management, said:

The asset is exactly what our client has been seeking to acquire. Long dated, secure, indexed linked income backed by strong real estate fundamentals. Chase have built a great unit, MOOG are a fantastic tenant and there are exciting opportunities to expand the space going forward.