£16.7m investment by property company

Apr 23 2008 by Tony McDonough, Liverpool Daily Post

PROPERTY investment and development company Spencer Holdings continued its investment programme, acquiring five sites worth £16.7m in the first quarter of 2008.

The Merseyside-based company has bought sites totalling 274,611 sq ft including Everitt Close in Wellingborough, Arkwright Road in Corby, Righead Park in Bellshill and Spring Meadow Trading Estate and East Point Industrial Estate, both in Cardiff.

Jim Spencer, chairman of Spencer Holdings, said: “It’s certainly a buyer’s market. Tighter credit conditions have resulted in a downturn in the number of buyers willing and able to make purchases.

“Capital values have fallen as a result, and as institutional funds look to sell we are in a position to buy sites at extremely competitive prices.”

Despite the credit crunch, Spencer has recently secured £200m funding from Bank of Scotland Real Estate in Liverpool. The company aims to utilise the finance to grow its national property portfolio from 5m sq ft to 6m sq ft.