Birmingham-based niche property consultancy MK2 Real Estate has acquired Hastingwood Industrial Park in Erdington, Birmingham, for £14.75 million.
MK2 bought the 380,000 sq ft multi-let industrial estate on behalf of Barwood Capital’s 2017 Regional Property Fund, for its multi-let industrial programme with Caisson Investment Management.
Hastingwood Industrial Park is located on a 12.28-acre site on Wood Lane, in a prime distribution location close to Birmingham city centre. It is home to more than 130 small to medium sized businesses, with units and offices ranging in size from 290 sq ft to 45,000 sq ft.
MK2’s property management team has been instructed to manage the estate.
Mark Bowden, property partner at Caisson, said: “MK2’s valued input assisted in getting this complex transaction completed and we look forward to them working closely with us on this property going forward.
“Hastingwood is typical of the multi-let industrial estates Caisson specialises in and we shall be applying our very specific asset management approach to the property in order to unlock the significant value we see in the asset.”
The acquisition caps a successful few months for MK2’s investment team, which completed nine deals with a total value of 69.5 million. These include the £12.5 million sale of Phoenix House, a 72,000 sq ft office in Milton Keynes; the £28 million acquisition of a new build manufacturing and warehouse facility in Telford; the acquisition of 12 Calthorpe Road, a 95,000 sq ft office building formerly occupied by HSBC; and the £2.7 million sale of Mill Wharf in Birmingham.
The team has also been instructed to sell Crystal 24, a 130,000 sq ft distribution warehouse on Sandwell Business Park, Oldbury, for £7.8 million, an 87-bed Travelodge in Loughborough for £7.6 million, and Telford Plaza, a 162,000 sq ft landmark office building, for £20.7 million.
Mark Johnson, investment director and co-founder of MK2 Real Estate, said: “Despite the on-going political and economic uncertainty, we have remained extremely active, completing a bumper number of deals in the space of a couple of months, which demonstrates there is still appetite from investors for property across all asset classes, especially offices and industrial.”