Crewe Hall Enterprise Park, a 20-acre business park near Crewe, has been sold by St Modwen Developments Ltd, the development subsidiary of St Modwen Properties PLC, to Edinburgh Industrial Properties Ltd, for £12 million.
The multi-occupied estate which totals 25,826 sq m (278,000 sq ft ) of accommodation, was acquired by St Modwen from GlaxoSmithKline in 1996, alongside the Grade II listed Crewe Hall and its associated Grade II stable quadrangle. The Hall and quadrangle are now a four-star hotel and conference centre, owned and operated by Marston Hotels.
The total rent roll of the estate is £945,745 with additional sundry income of £100,000. The sale price equates to an initial yield of around 8%.
Steven Knowles, of St Modwen, said: “We have over the past eight years pursued a programme of pro-active asset management and development to build a substantial stable income stream. The sale is in line with St Modwen’s policy of disposing of assets to which it can no longer add substantial value by its own efforts.”
St Modwen was represented by Colliers CRE and Edinburgh Industrial Properties was represented by Frank Warwick.
For further information contact Steven Knowles of St Modwen (01925-825950).
Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).