A FORMER Bury paints factory has a new gloss after changing hands in a massive £4 million deal.

The 27-acre site in Radcliffe Road is being hailed as the biggest ever to be sold in Bury. It was formerly the headquarters of Macpherson Paints which shut down in 1994 with the loss of 400 jobs.

Prestwich-based Hamilton Heath Estates, a property investment company, has paid in excess of £4 million for the site which was bought from Finnish-based Tikkurula Coatings Ltd.

This firm has had a presence at the site for some years but is due to vacate the land shortly. Bury-based chartered surveyors Nolan Redshaw negotiated the acquisition.

The purchase of the site by Hamilton Health Estates, located in Bury New Road, will allow the company to let the land to potential occupiers.

Mr Paul Nolan of Nolan Redshaw said: "The site has now become the largest industrial estate under single ownership in Bury."

He has been advising Tikkurula Coatings for the past six years. And during that period, part of the land has been developed with an existing rent role in excess of £250,000.

"The fact that we had let off more than 150,000 sq ft over the last few years had enabled our clients to realise the true value of the property," added Mr Nolan."

He predicts intense activity when the new owners market and let the land. "There is quite a bit of interest already."

Some of the old factory buildings have been demolished. Mr Nolan continued: "After announcing that Tikkurula was closing their plant, and following a consultation process, we marketed it to people who specialise in splitting up complexes."

During the negotiations, Haughton Warburton represented Hamilton Heath Estates. Nolan Redshaw have been retained by the firm to act as joint letting agents for the further development of the land.

In previous years, the large Radcliffe Road site has been owned by Finnish company Kemira. In 1991, Dutch chemical giant Akzo bought the factory. Two years later, the company announced the closure of Macpherson's and the transfer of paint production to Hull.

The Warth factory had made paint for 40 years and in its heyday Macpherson's employed a 700-strong staff.