Business park changes hands for almost £5m
Mere Grange Business Park in Leaside, St Helens has been sold by Network Space to Squarestone for £4.85m, representing a net initial yield of 7.85%.
Regarded as one of Merseyside’s premier business parks and one of the region’s best out-of-town office locations, Mere Grange measures 46,527 sq ft over 10 modern, two-storey detached and semi-detached office buildings set in 31 acres of landscaped grounds.
CBRE Manchester acted on behalf of Network Space.
Mere Grange is currently let to more than 10 different tenants including Gleeson Developments and Titan Distributions (UK). Portico Day Nurseries has also recently opened on site providing further services to occupiers.
Rob Woods director for the Capital Markets team at CBRE Manchester, said: “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.