Bizspace has exchanged contracts to sell its freehold interest in The Works, Camden Street, Birmingham.
The property was sold to a private investor/developer for £4m. Bizspace bought the property for £2.14m in 2002.
The Works, which comprises 317,000 sq ft of industrial and storage accommodation, is situated on a prominent site in Camden Street, abutting the Birmingham Ring Road and in the midst of the Jewellery Quarter district of central Birmingham.
In October 2003, Birmingham council resolved to grant residential planning permission for 95 units on part of this site, subject to a section 106 agreement.
The residential planning permission has allowed Bizspace to greatly enhance the potential of the site.
Completion of the sale is expected on 2 March 2005.
Bizspace currently operates from 54 sites nationwide. It manages almost 4.3m sq ft in more than 1,900 individual units, and houses about 1,500 occupiers.
Managing director Neil Corderey said: “We are very pleased to have taken the opportunity to exploit the true potential of this property and to sell it at a considerable premium to its purchase price.”
He added: “Our core business continues to be focused on running an operational portfolio of flexible managed workspace.
“As our expertise does not lie in residential development, it makes sense to maximise the value of this property and to reinvest the proceeds in further sites that offer good, long-term growth potential.”
References: EGi News 01/02/05
