Derwent Estates has acquired a brand new 113,641 sq ft industrial/distribution unit in Walsall on behalf of the Albert Gubay Charitable Foundation from St Francis Group for an undisclosed sum.
The Parallel 113 unit, which is let on a long lease, is located less than three minutes’ drive from junction nine and 10 of the M6 and within 20 minutes of Birmingham city centre.
Jonathan Black, property director at Derwent Estates, said: “The acquisition of Parallel 113 is the charitable foundation’s first in the West Midlands. This opportunity supports the charitable foundation’s investment strategy of diversifying the portfolio, both by sector and geographically, which is predominantly made up of retail warehouse schemes across the North of England. We are delighted to secure this newly built, modern industrial building on a long lease that will ultimately generate income for the charity and the good causes it supports for years to come.”
Rob Braid, CEO of St Francis Group, added: “The sale of Parallel 113 marks the conclusion of a successful business plan for the asset. Having remediated the land, St Francis Group committed to a speculative development of the unit and secured a strong letting post its completion. The project aligned with the group’s core strategy of delivering high quality residential and employment sites and demonstrated the full suite of the business’s capabilities.”
Oliver Forster, senior director in CBRE’s investment properties team in Birmingham, which advised Derwent, said: “In a market with very little stock, we’re pleased to have sourced an opportunity matching the client’s investment requirements, and in doing so securing a best-in-class manufacturing and distribution facility in what is one of the first long-let distribution transactions this year.”
Matt Jenns, director at Savills in Birmingham, which advised St Francis Group, added: “Savills has worked with St Francis Group since inception of the project and are pleased to have advised St Francis Group in agreeing the letting and the subsequent off market sale to Derwent Estates.”
