Midlands-based developer Rugby Investments has forward sold the last remaining plot of land at Priory Business Park, Bedford, to MW Trustees for £5.8m
The sale reflects an initial yield of 5.99%.
Planning permission has been granted for two new buildings which will provide a total of nearly 50,000 sq ft of office and production space on the 3.44-acre site.
The buildings have been pre-let to two expanding locally-based companies Chloride Electronics Ltd who will take 19,800 for 15 years from completion and Mektron Systems who are taking 28,800 sq ft for a term of 10 years.
Luke Hedderwick, director of Rugby Investments, said: “We have had a long-standing involvement with Priory Business Park through the development of both phases of our Abbey Court offices.
“Construction work on the new buildings has now started and will be completed by July 2007.”
Douglas Duff and Dunlop Haywards, both part of the Erinaceous Group, acted for Rugby Investments on the pre-lettings and sale of the investment.
Budworth Brown acted for the purchaser.
References: EGi News 08/01/07
