KWB completes final unit sale at Waterfront Business Park in Dudley
KWB’s investment and asset management team has completed the sale of the final unit at Waterfront Business Park in Dudley, marking a successful exit for Bridges Fund Management six years after acquiring the nine-unit mixed office and light industrial scheme.
Working jointly with AP Investment, KWB completed the sale of One Waterfront Business Park, a modern detached office building currently multi-let to four tenants, to a private property client of Michael Johnson and Co.
The disposal brings to a close a long-term asset management and disposal strategy led by KWB on behalf of Bridges, following its acquisition of the business park in 2019. Since then, KWB has worked closely with the fund to enhance the performance and value of the estate through a combination of targeted refurbishment, proactive leasing activity and strategic lease re-gears.
Bridges’ investment in the business park also involved extensive sustainable refurbishment of the park’s vacant buildings, including the introduction of a range of energy and water efficient initiatives requiring the installation of new VRV heat pumps and the use of BREEAM A+ materials such as water-based paints and certified ceiling tiles and carpets.
Located close to Junction 2 of the M5 and next to the Merry Hill Shopping centre, Waterfront Business Park comprises a mix of modern office and warehouse units and has established itself as a popular location for local and regional occupiers. At acquisition, the estate included a number of vacant units and short-term lease structures, which were progressively addressed as part of a wider business plan.
KWB advised Bridges throughout the lifecycle of the investment, supporting the initial acquisition, overseeing refurbishment works, securing new occupiers, extending leases where appropriate and ultimately managing the phased disposal of the asset.
The business park now boasts a wide range of high-quality tenants including Dudley College, Higgs Solicitors, Royal Mail, Talbots Law and West Midlands Ambulance Service.
Nigel Tripp, Director at KWB, said: “This sale completes a highly successful exit for Bridges and reflects the strength of the original investment strategy as well as the proactive asset management approach taken over the past six years. From the outset, our focus was on improving the quality of the estate, stabilising income and positioning the park to meet occupier demand in the Dudley market.
“By working closely with Bridges at every stage – from acquisition through refurbishment, leasing and eventual disposal – we were able to maximise value and deliver a strong outcome despite challenging market conditions at various points during the hold period.”
KWB investment and asset management services
KWB continues to advise a range of institutional and private clients across the industrial and logistics sector, providing integrated agency and asset management services throughout the lifecycle of commercial property investments.
For further information on KWB’s investment and assert management services, please contact:
Nigel Tripp
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