An industrial park in the West Midlands has been sold.
Solihull-based IM Properties has offloaded the 1.2 million sq ft Blythe Valley Park in Solihull to Frasers Logistic and Commercial Trust for an undisclosed sum.
The park, next to junction four of the M42, covers a122 acres and counts clothing brands Gymshark and Lounge Underwear among its tenants.
Around 4,500 people work there across 26 commercial buildings, with 7.5 acres of commercial development land available.
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IM Properties, which bought the park out of receivership in 2014, will retain the residential element of the site including the recently completed neighbourhood centre and build-to-rent scheme.
A 12-month handover period is now in place during which time the IM team will work alongside the new owner’s asset manager’s Frasers Property UK to help facilitate a smooth transition.
IM Properties’ managing director Tim Wooldridge said: “Being located in Solihull, it has always been on our doorstep and a legacy project which we wanted to look back on in future years and think yes, we’re all proud of what we’ve achieved here.
“The sale helps fund an exciting new chapter for IM Properties as the focus changes to large-scale logistics developments including Peddimore and Mercia Park.
“It’s a change in direction yet with a lot of influences from Blythe Valley Park, embracing the same desire to create sustainable schemes with a soul, which also deliver social and economic benefits to the surrounding communities to attract high-quality employers to the region.”
Property consultancies Acre Capital Real Estate and CBRE advised on the deal.