St. Modwen has sold its assets at Cranfield University Technology Park for £16.36m, in two separate deals.
An international property investor has bought the 77,400 sq ft first phase of the Tech Park for £11.06m, including the Cranfield Innovation Centre, which offers serviced office accommodation for growing businesses.
In a separate deal Cranfield University, whose campus adjoins the Tech Park, has purchased the second phase of the development for £5.3m, comprising five buildings totaling 33,760 sq ft and which is let to a number of occupiers.
St. Modwen began development of the site in 1999, doubling the size of the Cranfield Innovation Centre and undertaking construction of the remaining buildings. The Tech Park was almost fully let to over 60 businesses at the point of sale.
Rupert Wood, Northern Home Counties Regional Director at St. Modwen said: “Our successful disposal of Cranfield University Technology Park demonstrates the clear investor appetite for well-managed property in the current market.
“As the market across the Northern Home Counties grows we continue to seek new investment and development opportunities in order to grow our regional portfolio of property assets.”
St. Modwen was represented by JLL and Brown & Lee.