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ST. MODWEN COMPLETES SALE OF 50,000 SQ FT OF OFFICE SPACE AT QUINTON BUSINESS PARK

St. Modwen, the UK’s leading regeneration specialist, has completed the sale of three office buildings at the 18-acre Quinton Business Park, located adjacent to J3 of the M5.

The self-contained office buildings, which together total over 50,000 sq ft, have been sold to a UK Fund Manager for £7.36 million, reflecting a net initial yield of 8.4%. The acquisition boosts the purchaser’s portfolio of offices at the site, following its purchase of building 9 in 2014. BNP Paribas Real Estate represented the purchaser.

Peter Rudd, senior development surveyor at St. Modwen, said: “The strong investor market, which has continued into 2016, has assisted the successful disposal of the remaining 50,000 sq ft of prime office space at Quinton Business Park, reflecting the underlying strength of the Midland’s office market.

“St. Modwen retains ownership of five acres of development land within the site, with outline planning consent in place for up to 85,000 sq ft of office space. We are currently reviewing our options for this final phase of the development.”

Callum Wing, surveyor at Colliers Birmingham, who acted on behalf of St. Modwen, said: “Quinton has become firmly established as a thriving location for business and continues to have strong appeal, as this latest sale testifies.”

Quinton Business Park is located on the A456, the main arterial route into Birmingham and is adjacent to Junction 3 of the M5, providing easy access to the M42, M40 and M6. The development is six miles from Birmingham City Centre, with Birmingham Airport just 15 miles away.