DevSec sells Genesis Centre

Michael Hunt

Development Securities has sold the Genesis Centre in Birchwood in Warrington for £10m.

Nick Nyunt, commercial property partner at Manchester-based law firm Kuits Solicitors, which advised Development Securities on the sale, said: "We were delighted to act for Development Securities plc in this recent deal and to assist in realising their objective of obtaining maximum value for shareholders."

The deal was completed on Monday 12 July and property fund manager Highcross purchased the 95,000 sq ft office accommodation.

Richard Pellatt, Highcross director, said: "The Genesis Centre is a timely and significant addition to our north west office portfolio. We remain keen to acquire properties in established business locations close to major transport links and which provide active asset management opportunities. With over 40 tenants and three major motorways only minutes away, The Genesis Centre ticks all the boxes and we are looking forward to bedding it into our portfolio."

London-based Development Securities bought the Genesis Centre from Taylor Woodrow Property Company for just over £9.3m in June 2001.

Existing tenants at the centre includes the British Nuclear Group and a mix of animal related businesses and financial companies amongst others.

The three-storey centre offers floor space from 400 sq ft to 2,874 sq ft.

Last month Development Securities completed the acquisition of the Manchester Evening News Arena for £62.2m.

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