News Archive

Final Coombs Wood industrial unit sold

St Modwen has sold the long-leasehold investment in the final industrial unit on the 46-acre Coombs Wood Business Park, Halesowen, to Hawkstone Properties PLC for £620,000.

The 7,155 sq ft (665 sq m) unit is let to Ginsters (Samworth Bros Ltd) on a 15-year lease at £37,564 per annum. The sale represented an net initial yield of 5.73 per cent.

St Modwen, which has developed Coombs Wood in association with Corus plc, is now planning the final phases of the business park providing in excess of 30,000 sq ft of office accommodation on a speculative and design and build basis. More than 450,000 sq ft (41,805 sq m) of accommodation has been built.

Ian Romano of St Modwen, said: “I am very pleased to complete the sale of the final unit on ther last speculative industrial phase at Coombs Wood.

The price reflects the high level of interest and demonstrates the attraction of the business park to the investment market.”

Atisreal acted for St Modwen. King Sturge represented Hawkstone Properties.

For further information contact Ian Romano (0121 222 9400). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).