Development company sells business park for £12.5mDec 05, 2017
Mutual Finance has paid £12.5 million for the 12.5-acre Woodlands Business Park pictured at Linford Wood.
The park has 77,750 sq ft of office space in seven buildings on the site. Mutual acquired the park from real estate investment and development company Barwood Capital, which had owned the site since 2015 through its 2015 Property Fund.
Barwood Capital director Andrew Barlow said: “Two years ago we saw the potential in Woodlands Business Park which provided opportunities for active asset management, planning and development to attract businesses to this great location in Milton Keynes.
"We are delighted that our investment and vision has resulted in providing a platform for future growth and returning funds to our 2015 Property Fund investors.”
Barwood, based in Northampton, had undertaken asset management activities including designing a new masterplan with planning consent for 150,000 sq ft of new Grade A offices, a successful letting programme, and modernisation of the park with extensive improvements to the estate roads and landscaping.
Vacancy rate has reduced from 30% to 7%, Mr Barlow said. Current occupiers include Leica Microsystems, Ipsos Retail Performance, Nexus Business Solutions and the Mears Group.
Mutual Finance’s acquisition of the park represents a net initial yield of 7.5%.
Director Raed Hanna said: “Woodlands provides great prospects for income growth and ongoing development in one of Milton Keynes’ best office parks. We are excited about our plans for the future to attract businesses to this excellent location in the UK’s fastest growing city.”