Acting on behalf of Network Space, the Capital Markets team at CBRE Manchester has sold Mere Grange Business Park in Leaside, St Helens, to Squarestone for £4.85M, representing a Net Initial Yield of 7.85%.
Sitting within one of Merseyside’s premier business parks and one of the region’s best out-of-town office locations, Mere Grange comprises 46,527 sq ft of high quality office space over 10 modern, two-storey detached and semi-detached office buildings set within 31 acres of landscaped grounds. The business park comprises a number of self-contained office suites with car parking and a diverse range of high quality retail and leisure amenities on site.
Mere Grange is currently let to more than 10 different tenants including Gleeson Developments Limited and Titan Distributions (UK) Limited. Portico Day Nurseries Limited has also recently opened on site providing further services to occupiers.
Alongside the buildings already on site, work has recently started on an industrial development totalling 90,000 sq ft across four units which will provide up to 300 jobs when complete in June 2018. Opposite the new industrial park, a residential development of up to 120 residential units is also planned.
Mere Grange is situated just two miles to the south of St Helens on the A570 St Helens Linkway. Furthermore, the business park is located within two miles of Junction 7 of the M62, providing easy access to both Manchester and Liverpool City Centre’s as well as the wider North West region.
Rob Woods Director for the Capital Markets team at CBRE Manchester, commented;
“We are pleased to confirm the sale of Mere Grange to Squarestone. The development is situated in a highly successful business park location and comes with excellent opportunities to further enhance value. The planned industrial and residential developments will have a positive impact on the business park as well as creating new jobs for the area and once complete, it will add further vitality to the scheme.”
Cushman & Wakefield acted for Squarestone.
