Sirius Real Estate has disposed of its BizSpace Tyseley Business Park in Birmingham for £6.7m –a 20% premium to book value as of September last year.
The 134,000 sq ft business park comprises 125,000 sq ft of industrial space and 9,000 sq ft of offices. The business park was acquired by local business.
Sirius purchased the park in November 2021 for £5.1m and increased the rent roll of the site by 30% through the capture of under-rent, which contributed to a 31% increase in average rate per sq ft to £9.69 from £7.39.
Andrew Coombs, chief executive at Sirius, said: “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.”
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