Middlemarch Office Park sold in £7.5m deal

AN office park in Coventry has been bought by Bridges Ventures in a £7.55m deal.

The investment fund manager has acquired Middlemarch Office Park from M&G Investments.

Middlemarch Office Park is located close to Coventry Airport and comprises nine separate office buildings totalling 95,000 sq ft. Two thirds of the space is currently vacant or unoccupied.

Bridges Ventures is planning a comprehensive refurbishment and rebranding of the property.

Knight Frank advised Bridges Ventures on the acquisition.

Jonathan Devaney, partner in the capital markets team at Knight Frank in Birmingham, said: “There are a healthy number of occupier requirements in the Coventry area at present.

“With the completion of the planned refurbishment works being quickly followed by the re-opening of the improved Tollbar Island, the scheme will provide a very attractive option for occupiers.”

Knight Frank has been instructed as managing agent for the scheme as well as joint letting agent with JLL.