Maybrook Road estate sold for £6m
The Maybrook Road Industrial Estate in Brownhills has been bought for more than £6m. The acquisition, by property fund manager Highcross, comes just days after the sale of Birmingham’s One Victoria Place, for £17.5m.
Highcross bought the industrial estate industrial estate near Walsall for £6m. The 159,362 sq ft industrial estate, which comprises 28 units, has been purchased from Croudace Properties.
The estate is almost fully occupied, with only one 5,000 sq ft unit currently available.
Highcross asset manager, Joe Curlett, said: “Brownhills has a very limited supply of similar industrial buildings, which has resulted in good levels of occupier retention at the estate. This, together with the opportunities to increase value through active asset management, make the estate an attractive addition to our West Midlands portfolio.”
Croudace Properties said in a statement: “Croudace Properties are sad to end their 40-year long association with the West Midlands, however, are very pleased with the sale, and the figure achieved, as it comprises a major component in the company’s restructuring.”
Highcross was advised by Gerald Eve and Croudace Properties by BNP Paribas Real Estate.
The deal comes days after another major commercial property purchase in the region. Birmingham’s One Victoria Place was purchased for £17.5m by Salmon Harvester Opportunity Fund.
Acting on behalf of Serviced Offices UK, a joint venture between Aviva Investors and Hermes, the London and Birmingham offices of DTZ secured the sale to Salmon Harvester Opportunity Fund advised by Jones Lang LaSalle.
The 118,529 sq ft multi-let office building is currently 88 per cent let to six tenants including Regus, Lloyds and the Home Office.
The building was sold to Serviced Offices UK, a joint venture between Aviva Investors and Hermes.
The £17.5m purchase price reflects a net initial yield of 8.3 per cent, said adviser DTZ.
The Birmingham office of property agent DTZ advised the vendor on the deal, alongside Jones Lang LaSalle, which advised Salmon Harvester.
