Hansteen announces Compulsory Purchase of Saltley Business Park, Birmingham
Hansteen has announced that the Secretary of State for Transport has acquired Saltley Business Park, Birmingham from a subsidiary of the Company, by way of a compulsory purchase order. This has taken place under the High Speed Rail (London – West Midlands) Act 2017, to enable construction of the first phase of the HS2 route.
Mutual valuation process under way
As part of the compulsory purchase order process, High Speed Two (HS2) Limited, acting on behalf of the Secretary of State, has stated that a down payment of £36.96 million will be made, and a mutual valuation process is under way which is designed to establish the property’s market value. In the short term, Hansteen says that it plans to use the initial proceeds to reduce the balance on its revolving debt facility.
About Saltley Business Park
Saltley Business Park comprises a substantial multi-let industrial estate totalling 1,078 million sq ft in 22 units with an ERV of £4.6 million per annum. The Park is situated on a strategic, self-contained site of approx. 47 acres, on the eastern edge of Birmingham City Centre, with easy access to the M6.
Hansteen describes itself as a UK and Continental European property investment company that aims to deliver superior returns to its shareholders. It invests predominantly in industrial properties across the UK, Germany, Benelux and France at what it describes as high yields and opportunities for value enhancement.
Hansteen announces Compulsory Purchase of Saltley Business Park, Birmingham : HSTN