Network Space has sold Mere Grange Business Park in St Helens to Squarestone for £4.85m, representing a net initial yield of 7.85%.
The capital markets team at CBRE acted on behalf of Network Space.
Mere Grange totals 50,000 sq ft of offices across 10 two-storey detached and semi-detached buildings, within 31 acres of landscaped grounds.
The properties are let to more than 10 different tenants including Gleeson Developments Limited and Titan Distributions. Portico Day Nurseries has also recently opened on site.
Alongside the existing buildings, Caddick has recently started work on an industrial development totalling 90,000 sq ft across four units, due to complete in June. Opposite the industrial park, a residential development of up to 120 homes is also planned.
Rob Woods, director for the capital markets team at CBRE Manchester, said: “We are pleased to confirm the sale of Mere Grange to Squarestone. The development is situated in a highly successful business park location and comes with excellent opportunities to further enhance value. The planned industrial and residential developments will have a positive impact on the business park as well as creating new jobs for the area and once complete, it will add further vitality to the scheme.”
Cushman & Wakefield acted for Squarestone.