Moorfield Capital Partners has sold the freehold interest of Kembrey Park and three vacant sites on Kembrey Street, to Highcross Strategic Advisers for £44M. The price reflects a net initial yield of 6.7% and at the time of purchase only 15% of the property was vacant.
Kembrey Park, at 69,750sq m, is one of the largest and most established business parks in Swindon. In addition to the investment property, the park includes 9.3 acres of land with planning consent for a variety of employment and leisure uses. Highcross intend to implement these developments as soon as possible.
Acquired by Moorfield in 1999, Kembrey Park has undergone substantial improvements and offers office and industrial/warehouse accommodation including:
lThe office accommodation consists of 11 office buildings totalling 24.604sq m, and tenants include Honda Trading Europe, National Semiconductor UK and Staffware.
lThe industrial / warehouse units total 22,795sq m with occupiers including Swindon College Corporation, Honda Connectors and Oracle UK.
Savills acted for Moorfield Capital Partners and Strutt Parker acted for Highcros Strategic Advisors.