St. Modwen, the UK’s leading regeneration specialist, has completed the investment sale of a compound facility at the hugely popular Great Western Business Park in Worcester.
The 1.3 acre freehold compound has been purchased by Wulstan Capital UK Opportunities for £365,000 showing a return of 5.88% after costs, as part of its growing portfolio of investments.
The unit is currently let to Hanson Quarry Products Europe Ltd at a rent of £22,500 per annum on a lease of 20 years. Franck-Steier Price acted for St. Modwen. Shortland Penn & Moore acted for the purchaser.
The sale comes as St. Modwen has commenced on the second phase of development at Great Western Business Park, to build on the fully occupied first phase which includes household names Howdens, Topps Tiles and Screwfix.
In April St. Modwen was granted consent to build six new warehouse and light industrial units ranging from 3,500 to 5,500 sq ft. The units are due to be built by the end of the year and will be available to lease or buy.
St. Modwen has also begun work on a state-of-the-art fire station on the second phase on behalf of Hereford & Worcester Fire Authority, enabling the fire service to relocate from its existing base at Copenhagen Street in the city.
Julie Rossiter, senior asset manager at St. Modwen said: “We were delighted with the level of interest this sale attracted from the investment community and are pleased to have completed this sale to local investment company Wulstan Capital UK Opportunities.
“Great Western Business Park is an extremely popular and fast growing destination due to its location on the west side of the city and close proximity to the M5. We are developing the next phase in response to high demand from new, good quality accommodation.”
David Allen, director of Shortland Penn & Moore, added: “There was very strong interest in this property, with more than 20 bids put forward to the selling agent.
“We are delighted to have secured this deal for our client, which represents a very strong investment in what is an extremely well-established commercial location.
For more details on Phase 2 please contact Jonathan Green at St. Modwen on 0121 222 9400 or Richard Tomlinson at Halls Commercial on 01905 720104.