Waterfront Business Park in the Black Country has been snapped up for more than £15m by a London-based investor.
Bridges Fund Management has acquired the nine buildings of Waterfront Business Park, with a combined 228,000 sq ft of office and industrial space. The previous owner of the scheme was intu, who owns some of the UK’s most popular shopping destinations.
Waterfront Business Park, which covers almost 12 acres, is home to eight long-serving tenants, including the West Midlands Ambulance Service, HMRC, Dudley College of Technology and the Black Country law firm, Higgs & Sons.
Well-known developer, Roy Richardson and his late brother, Don, built Waterfront. The pair were also responsible for intu Merry Hill, which transformed the Black Country retail sector. Subsequently, intu acquired both of these developments.
Waterfront Business Park to receive the ‘Bridges treatment’
KWB Commercial Property Specialists advised Bridges Fund Management on the purchase. Nigel Tripp, Director of KWB, confirms that the new owners will be looking to refurbish the Park’s vacant space.
Nigel says: “Bridges focuses very much on the wider benefits of their investments. In particular, they look for real estate opportunities where they can reduce carbon emissions, revitalise business space and regenerate communities.”
Bridges found the Black Country attractive because its strategy involves finding assets in challenging areas with significant potential for growth.
“Obviously, it’s very early to say precisely what will happen to the park. However, Bridges Fund Management is always keen for its investments to be sustainable. Consequently, knowing their track record, I’d expect them to invest significant sums in the latest energy-efficient technology.”
Birmingham-based investment agency, Franck-Steier Price Ltd provided advice to intu throughout the sale.
Matthew Roberts, Chief Executive of Intu, says: “We said at our interim results in July that part of our strategy is to fix the balance sheet. One way that we are doing this is through disposal and part-disposal of assets in the UK and Spain.
“Subsequently, we have now completed the sale of Waterfront Business Park to Bridges for its asking price of £15.5 million.”