Acting on behalf of intu plc, Franck-Steier Price have sold a multi let business park in Brierley Hill for £15,500,000.
The park comprises a multi let office and industrial park next to intu Merry Hill Shopping Centre and forms part of the wider Waterfront scheme. The sale comprised nine separate buildings built in the late 1990’s/early 2000’s and is made up of two industrial buildings, two hybrid buildings and five offices.
The park overall totalled 228,001 sqft and had a provision of over 620 car spaces on an 11.95 acre site.
At the point of sale the park was 85% let to eight tenants with a WAULT of 7.6 years to expiries and 3.5 years to breaks. Tenants include Royal Mail, Secretary of State, WM Ambulance Service, Care UK, Emerson & Dudley College. The total rent passing was £1,630,485 per annum.
The property was sold at an initial yield of 9.86% to Bridges Property Alternatives Fund.
KWB acted for the purchaser.