'This sale completes a highly successful exit for Bridges' - Final unit sale at Waterfront Business Park is completed six years after acquisition
KWB has completed the sale of the final unit at Brierley Hill's Waterfront Business Park marking a successful exit for Bridges Fund Management six years after acquiring the mixed office and light industrial site.
Working jointly with AP Investment, commercial property agents KWB completed the sale of One Waterfront Business Park, a modern detached office currently multi-let to four tenants, to a private property client of property agents Michael Johnson and Co, based in Blakedown, Kidderminster.
The disposal brings to a close a long-term asset management and disposal strategy led by KWB on behalf of investment fund manager Bridges, following its acquisition of the business park in 2019.
Since then, KWB has worked closely with the fund to enhance the performance and value of the estate through a combination of targeted refurbishment, proactive leasing activity and strategic lease re-gears.
Bridges’ investment in the business park included extensive sustainable refurbishment of the park’s vacant buildings including the introduction of a range of energy and water efficient initiatives such as the installation of new VRV heat pumps and the use of BREEAM A+ materials including water-based paints and certified ceiling tiles and carpets.
Located next to the Merry Hill shopping centre, Waterfront Business Park comprises a mix of nine modern office and warehouse units and has established itself as a popular location for local and regional occupiers. - and lists Dudley College, Higgs LLP, Royal Mail, Talbots Law and West Midlands Ambulance Service as tenants.
At acquisition, the estate included a number of vacant units and short-term lease structures, which were progressively addressed as part of a wider business plan.
KWB, which has offices in Birmingham and Solihull, advised Bridges throughout the lifecycle of the investment, supporting the initial acquisition, overseeing refurbishment works, securing new occupiers, extending leases where appropriate and ultimately managing the phased disposal of the asset.
Nigel Tripp, director at KWB, said: “This sale completes a highly successful exit for Bridges and reflects the strength of the original investment strategy as well as the proactive asset management approach taken over the past six years. From the outset, our focus was on improving the quality of the estate, stabilising income and positioning the park to meet occupier demand in the Dudley market.
“By working closely with Bridges at every stage - from acquisition through refurbishment, leasing and eventual disposal - we were able to maximise value and deliver a strong outcome despite challenging market conditions at various points during the hold period.”
