iQuarter
in Rugby |
Rugby
Highcross has completed four investment sales at developments
in Rugby, Crewe and Kidderminster, totalling just under
£8m.
At Finepoint, Kidderminster, a 27,610 sq ft distribution
warehouse, occupied by City Link, has been sold to an unnamed
private investor for £2m. 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 £2.5m.
GVA Grimley and Lamont acted for Highcross in the sale of
the building which is currently let at a rent of £214,646
pa. The 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 iQuarter office and industrial development.
Six industrial units, ranging from 3,613 sq ft to 12,264
sq ft have been sold in a £2.3m deal to private investors
who were represented by Strutt & Parker Private Investors.
The units are let to a range of occupiers including Orschein,
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 iQuarter scheme have
been sold to MSS Lasers in a £1.1m 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 iQuarter scheme, which also includes
office units from 995 – 2,002 sq ft and a headquarters
office building, was jointly developed by Highcross with
Danescroft.
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