Acting on behalf of Network Space, the Capital Markets team at CBRE Manchester has confirmed the sale of Keys Business Village in Hednesford, Staffordshire, to Northern Trust, for the sum of £4.04M reflecting a Net Initial Yield of 7.95%.
Developed in 2008, Keys Business Village provides a total 36,558 sq ft of high quality industrial and office accommodation. The freehold property comprises a modern industrial scheme of 8 units, totalling 17,099 sq ft and a 3 storey office building totalling 19,459 sq ft. The property is currently multi-let to 45 tenants with 1,670 sq ft of office building accommodation currently available to let. The industrial estate is fully let.
The estate is located off Keys Park Road in Hednesford, Staffordshire, 1.2 miles to the north of Cannock and easily accessible from Junctions 11 and 12 of the M6 and Junction 7 of the M6 Toll.
Hednesford town centre is just 1.0 miles to the north west and has recently undergone a £50m regeneration providing a new 82,000 sq ft Tesco store and further retail provisions, with occupiers including Sunflex, UK Automotive Products and Henley Cars Reich (UK).
Robert Woods, Director within the Capital Markets team at CBRE Manchester, commented:
“We are delighted to confirm the sale of Keys Business Park to Northern Trust. This is a strategically well located in an area that has seen significant regeneration. The asset enjoys full industrial occupancy and some office accommodation availability. Northern Trust were advised by MK2.