January 26, 2010
Highcross has completed four investment sales at developments in Rugby, Crewe and Kidderminster, totalling just under £8 million.
At Finepoint, Kidderminster, a 27,610 sq ft distribution warehouse, occupied by City Link, has been sold to an unnamed private investor for £2 million. The unit was pre-let to City Link in May 2008 on a ten-year lease at a rent of £171,875 pa.
GVA Grimley and M3 acted for Highcross in the sale.
Highcross has also sold a 36,325 sq ft cross-docked distribution building at its Orion Park scheme in Crewe. The unit, which was pre-let to Grattan on a ten-year lease in August 2007, has been purchased by an unnamed private investor for £2.5 million.
GVA Grimley and Lamont acted for Highcross in the sale of the building which is currently let at a rent of £214,646 pa. This latest deal follows the sale of a 150,000 sq ft warehouse unit, occupied by Bentley, at the Orion Park scheme last year.
The Finepoint, Kidderminster and Orion Park, Crewe schemes were both developed by Highcross in conjunction with Graftongate.
In Rugby, Highcross has now either let or sold all the industrial/warehouse space at its 11-acre i-Quarter office and industrial development. Six industrial units, ranging from 3,613 sq ft to 12,264 sq ft have been sold in a £2.3 million deal to private investors who were represented by Strutt & Parker Private Investors.
The units are let to a range of occupiers including Orcheln, a US car parts manufacturer and Airwave Solutions. The sale of the six units took just three weeks from agreement of terms to completion.
In addition, two further units at the i-Quarter scheme have been sold to MSS Lasers in a £1.1 million deal. The units, which total 15,181 sq ft, will be occupied by the purchaser. Highcross was represented by Lambert Smith Hampton and M3 in both deals. The i-Quarter scheme, which also includes office units from 995 – 2,002 sq ft and a headquarters office building, was jointly developed by Highcross with Danescroft.
Chris Mills, commercial development director at Highcross comments: “All ten units are located on well-specified industrial and office schemes which we have developed over the past four years and have excellent transport links. These benefits, together with the quality of the occupiers and lease arrangements in place, have been key factors in attracting these significant investment deals, which were all cash purchases.”