Acting on behalf of the Albert Gubay Charitable Foundation, Derwent Estates has secured the acquisition of Parallel 113 – a brand new 113,641 sq ft industrial / distribution unit in Walsall – for an undisclosed sum in an off-market deal with St Francis Group.
Situated less than three minutes’ drive from junction 9 and 10 of the M6 and within 20 minutes of Birmingham city centre, the modern detached building with good sustainability credentials, was built by brownfield and regeneration development experts, St Francis Group in January 2023. Shortly afterwards the unit was let on a long lease.
Jonathan Black, Property Director at Derwent Estates says: “The acquisition of Parallel 113 is the Charitable Foundation’s first in the West Midlands.. This opportunity supports the Charitable Foundation’s investment strategy of diversifying the portfolio, both by sector and geographically, which is predominantly made up of retail warehouse schemes across the North of England. We are delighted to secure this newly built, modern industrial building on a long lease that will ultimately generate income for the Charity and the good causes it supports for years to come.”
Global real estate firm, CBRE, advised Derwent Estates on the acquisition.
Oliver Forster, senior director in CBRE’s investment properties team in Birmingham, adds: “In a market with very little stock, we’re pleased to have sourced an opportunity matching the client’s investment requirements, and in doing so securing a best-in-class manufacturing and distribution facility in what is one of the first long-let distribution transactions this year.”
Rob Braid, CEO of St Francis Group, comments: “The sale of Parallel 113 marks the conclusion of a successful business plan for the asset. Having remediated the land, St Francis Group committed to a speculative development of the unit and secured a strong letting post its completion. The project aligned with the Group’s core strategy of delivering high quality residential and employment sites and demonstrated the full suite of the business’s capabilities”.
Matt Jenns, Director at Savills in Birmingham, adds: “Savills has worked with St Francis Group since inception of the project and are pleased to have advised St Francis Group in agreeing the letting and the subsequent off market sale to Derwent Estates.”
