HARRIS LAMB SELLS WORCESTERSHIRE BUSINESS PARK TO INVESTMENT TRUST FOR £4 MILLION

Investment specialists at Harris Lamb have sold a Worcestershire business park to a Birmingham-based investment trust in a £4 million deal.

Acting on behalf of Maximus Developments, Harris Lamb sold the freehold Topaz Business Park, located close to Junction 1 the M42, to Real Estate Investors (REI).

The business park has units totalling 44,700 sq ft, let to QS Finance, Prestige, M V Kelly, Handelsbanken, Fuelsoft, Toshiba and Instinctive Technologies.

Justin Marshall of Harris Lamb’s Investment team said: “This was a rare opportunity to purchase a successful freehold business centre with a number of high calibre tenants providing a diverse range of incomes.

“Given the well-documented shortage of high quality office stock throughout Worcestershire, coupled with a strong investment market for such quality assets, our client was happy to sell Topaz if the right buyer came forward.

“Aware that REI was looking to expand its investment portfolio within the region, we put the opportunity to them and agreed a price in a one-to-one deal without actively having to market the site.”

Paul Bassi, chief executive of REI, said: “This latest acquisition complements our existing holdings at Bunsford Gate, Bromsgrove, and shops and offices in Bromsgrove town centre.

“This new acquisition provides a good mixed income profile, with scope for asset management opportunities to increase rental performance and average unexpired lease term due to the lack of good quality office stock available in the catchment office market.

“We are actively seeking to acquire further investments in Bromsgrove and the surrounding area to add to our existing portfolio of over £200m of Midlands real estate.

“We have a number of additional acquisitions in our pipeline and anticipate completing these shortly.”

REI was advised by law firm CBTC Millichips.