News Archive

Accrington Business Park sold for £25 Million

Key Property Investments Ltd, the joint venture between St Modwen Properties PLC and Salhia Real Estate Co., has sold the main 46-acre section of its Junction 7 Business Park, Accrington, to GE Real Estate Partners Ltd for £25.1 million.

The estate, one of the premier business locations in the M65 corridor, totals one million sq ft of industrial, manufacturing, office and compound space and provides an annual rental income of £1.49 million. The sale represented an initial yield of 5.61 per cent and reflected a 34% % surplus over its December 2006 valuation.

St Modwen is currently developing an adjoining four-acre site, Petre Court, where it is constructing 30,000 sq ft (2,787 sq m) of offices ranging between 3,300 sq ft (306 sq m) and 6,458 sq ft (600 sq m) and 38,000 sq ft (3,530 sq m) industrial units between 3,797 sq ft (353 sq m) and 7,621 sq ft (708 sq m).

Seven of the eight industrial units, which are available to buy or to rent, are already in solicitor¹s hands with interest in the remaining unit.

Steven Knowles of St Modwen said: ³The sale represents the fruits of our labour in taking the former Marconi estate and developing it into one of the premier industrial and office locations along the M65 corridor.

“As a result of the location¹s popularity we have retained a four-acre plot which we are currently developing out as a small business park and are delighted with take up.”

KPI, which acquired the estate from Marconi in 2001, was represented by Colliers CRE in the sale and Phillips Roth & Co acted for GE Real Estate Partners.

For further information contact Steven Knowles (01925 825950). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).