Busi­ness park near M6 Toll bought by in­vestors

Birmingham Post - - COMMERCIAL PROPERTY - Tam­lyn Jones Busi­ness Cor­re­spon­dent

AMIXED-USE busi­ness park in Stafford­shire has been sold to Lon­don-based in­vestors in an off-mar­ket deal.

Rib­ston UK In­dus­trial Prop­erty Part­ner­ship has ac­quired the Lake­side Busi­ness Park, in Can­nock, for an undis­closed sum from Old­bury­based prop­erty in­vest­ment and de­vel­op­ment com­pany Goold Es­tates.

Goold Es­tates bought Lake­side Busi­ness Park, for­merly known as Lake­side Plaza, in 2014 for £1.95 mil­lion and car­ried out a pro­gramme of re­fur­bish­ment.

The 3.8-acre site, which is ad­ja­cent to the M6 Toll Road and the A5, is fully let and oc­cu­piers of the 13 units in­clude Elec­trium, Newlife, Euro Car Parts, Bo­ing Zone and the Sil­verblades Ice Rink.

Lake­side Point, a nine-storey of­fice build­ing, was part of the es­tate when ac­quired by Goold Es­tates.

In 2016, Goold Es­tates sold the 16,293 sq ft build­ing to Can­nock­based de­vel­oper the Pritchard Group in a £700,000 deal.

Do­minic Goold, man­ag­ing di­rec­tor of Goold Es­tates, said: “Our in­ten­tion when we ac­quired Lake­side Plaza was to tidy up the es­tate and let the units as well as un­der­take a proac­tive mar­ket­ing cam­paign to fill the voids.

“On ac­quir­ing the prop­erty, we li­aised with the ex­ist­ing ten­ants where ap­pro­pri­ate to re­gen­er­ate the site.

“It was at only 70 per cent ca­pac­ity.

“It is now fully let with a healthy an­nual rental in­come of more than £300,000, rep­re­sent­ing a strong yield.”

Adam Ramshaw, re­gional di­rec­tor at prop­erty con­sul­tancy Lam­bert Smith Hamp­ton, acted on the deal on be­half of Goold Es­tates.

Mr Ramshaw said: “With so much in­vestor de­mand in the sec­tor it would have been easy to go down a tra­di­tional sale route.

“But on this oc­ca­sion we were able to max­imise value for Goold Es­tates by en­gag­ing in an off-mar­ket deal with a re­li­able and proven buyer such as Rib­ston.”

In a sep­a­rate deal, Goold has also sold four in­dus­trial units at Gar­den Street, in Wal­sall. The units, with a to­tal of 11,854 sq ft of space, have been ac­quired by Wal­sall-based in­stru­men­ta­tion prod­ucts man­u­fac­turer Howard But­ler in a deal worth £355,000.

Matt Tilt, di­rec­tor of in­dus­trial agency at LSH in Birm­ing­ham, said: “The prop­erty of­fered a rare op­por­tu­nity for an oc­cu­pier to pur­chase a build­ing that they could part oc­cupy for their own use while re­ceiv­ing in­come from the re­main­ing units let to ten­ants.”

> The Lake­side Busi­ness Park, in Can­nock, has been sold to Rib­ston UK In­dus­trial Prop­erty Part­ner­ship

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