Staffordshire business park sold to London investors
Lakeside Business Park in Cannock has been sold to London-based Ribston UK Industrial Property Ltd, by Goold Estates, the Birmingham based property investment company, for an undisclosed fee.
Goold bought the estate – then called Lakeside Plaza – in 2014 for a fee of £1.95m, and then embarked on a programme of refurbishment, which attracted new occupiers to the estate, so that it rapidly became full let, to tenants including Electrium, Newlife, Euro Car Parts, Boing Zone and the Silverblades Ice Rink filling each of the thirteen units.
On purchase in 2014 the Lakeside Plaza also included a nine-storey 16,293 sq ft office building, which Goold sold for £700,000 in 2016 to Cannock based developers, the Pritchard Group.
Dominic Goold, managing director of Goold Estates said:” Our intention when we acquired Lakeside Plaza was to tidy up the estate, and let the units as well as undertaking a proactive marketing campaign to fill the voids. On acquiring the property we , we liaised with the existing tenants where appropriate to regenerate the site. It was only at 70% capacity. It is now fully let with a healthy annual rental income of more than £300,000, representing a strong yield.”
Once they decided to sell, Goold instructed the national property consultancy Lambert Smith Hampton (LSH) to source an off market buyer. LSH’s Adam Ramshaw added:”With so much investor demand in the sector it would have been easy to go down a traditional sales route. But on this occasion we were able to maximise value for Goold Estates by engaging in an off-market deal with a reliable and proven buyer such as Ribston.”
As well as the Lakeside deal, Goold recently sold four industrial units in Walsall for £355,000 to Howard Butler Ltd of Walsall, and they have now completed the speculative development of the 70,000 sq ft of the Steelpark in Wednesfield in a multi-million project.
