Tyseley Business Park fetches £6.7m for Sirius

Sirius Real Estate has disposed of its flexible workspace site at Tyseley Business Park for £6.7m, as it looks to reinvest elsewhere in its portfolio.

BizSpace Tyseley Business Park was acquired by the owner and operator of business and industrial parks, when it swooped for the BizSpace company in November 2021 for £5.1m.

Since the acquisition, Sirius has increased the site’s rent roll by 30% through the capture of under-rent, which generated a 31% increase in the average rate per sq ft from £7.39 to £9.69.

The 134,000 sq ft business park comprises 125,000 sq ft of industrial space and 9,000 sq ft by way of an office building. Significant future capex investment was required in order to maintain the buildings, which Sirius said could be better spent elsewhere in the portfolio.

Andrew Coombs, CEO of Sirius Real Estate commented: “The sale of this asset at a substantial 20% premium to book value highlights our success in improving the rental tone since Sirius acquired BizSpace in November 2021. This transaction demonstrates our platform’s ability to attract higher-paying quality occupiers and effectively execute strategically timed deals, enabling efficient capital recycling into our acquisition pipeline.”