A business park in Chester has been bought by Quasar Real Estate, part of Simon Storer’s Guernsey based Jolivet Group, for £4.8m.

The 44,000 sq ft Telford Court office park, located off junction 16 of the M56, is currently multi-let to 20 tenants producing an annual rent of more than £400,000.

Simon Storer of Quasar Real Estate said: "We are pleased to add Telford Court to our growing real estate portfolio. The scheme offers an attractive and convenient business destination and with the region continuing to experience sustained growth, we will continue to see these strategic locations strengthen further."

Deloitte Real Estate’s North West team acted as adviser on the deal. 

Leo Nicholson, assistant director at Deloitte Real Estate, added: "As an experienced property investor with a strong track record with such assets, Quasar Real Estate was the ideal buyer for this investment. I am confident that Quasar will drive this park forward and benefit from the strong underlying property fundamentals."

Telford Court was acquired from MCR Property Group.