AS the second phase of Worcester's Great Western Business Park gets under way, the investment sale of a compound facility on the initial park has been completed.

The 1.3 acre freehold compound has been purchased by Wulstan Capital UK Opportunities for £365,000 showing a return of 5.88 per cent after costs, as part of its growing portfolio of investments. The unit is currently let to Hanson Quarry Products Europe Ltd at a rent of £22,500 per annum on a lease of 20 years.

The sale comes as regeneration specialist St. Modwen begins to add to the fully occupied first phase, which includes household names Howdens, Topps Tiles and Screwfix. In April the developer was granted consent to build six new warehouse and light industrial units ranging from 3,500 to 5,500 sq ft. The units are due to be built by the end of the year and will be available to lease or buy.

St. Modwen has also begun work on a state-of-the-art fire station on the second phase on behalf of Hereford & Worcester Fire Authority, enabling the fire service to relocate from its existing base at Copenhagen Street in the city.

Julie Rossiter, senior asset manager at St. Modwen said: “We were delighted with the level of interest this sale attracted from the investment community and are pleased to have completed this sale to local investment company Wulstan Capital UK Opportunities. Great Western Business Park is an extremely popular and fast growing destination due to its location on the west side of the city and close proximity to the M5. We are developing the next phase in response to high demand from new, good quality accommodation.”