Birmingham developer St Modwen has sold an industrial unit in the south of the city as a £2.8 million investment.
The regeneration specialist secured the sale of Unit 4 at the Cofton Centre, Longbridge, to the MGTS St John’s Property Fund, as part of its growing portfolio of investment.
The 47,780 sq ft facility is occupied by Philip Cornes, a supplier of heat and corrosion resistant stainless steel and nickel alloys, a subsidiary of TW Metals and part of the US-owned O’Neal Steel group of companies.
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The Cofton Centre is St Modwen’s landmark industrial facility at Longbridge.
It comprises 35 acres and is home to a number of specialist businesses, forming a significant part of the company’s property portfolio at the site.
In addition to existing units, which are all fully let, the site has outline planning permission for a number of design and build opportunities, ranging from 30,000 to 225,000 sq ft.
Development surveyor, Jonathan Green, who handled the negotiations for St Modwen, said: “Unit 4 is leased on a long term basis to TW Metals, so represented an ideal opportunity for an investment sale.
“The Cofton Centre, and its adjacent area, offers high quality accommodation in a prime location.”
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Ben Kelly, director at Jones Lang LaSalle, advised St Modwen on the deal.
He added: “Cofton Centre is an ideal location for businesses looking for easy access to the region’s motorway network.”
Lambert Smith Hampton acted as agents on behalf of MGTS St John’s Property Fund.