18th May 2012
Final Plot of Land at Priory Business Park Sold
29th Jan 2007
Rugby Investments Ltd have forward sold the last remaining plot of land at Priory Business Park, Bedford, to MW Trustees for £5.8m reflecting an initial yield of 5.99%. Planning permission has been granted for two new buildings which will provide a total of nearly 50,000 sq ft of office/ production space on the 3.44 acre site. The buildings have been pre-let to two expanding locally-based companies Chloride Electronics Ltd and Mektron Systems Ltd, which were seeking larger premises in Bedford.
Douglas Duff and Dunlop Haywards, both part of the Erinaceous Group, acted for Rugby Investments Ltd on the pre-lettings and sale of the investment. Budworth Brown acted for the purchaser.
"We have had a long-standing involvement with Priory Business Park through the development of both phases of our Abbey Court offices" commented Luke Hedderwick, Director of Rugby Investments. "Construction work on the new buildings has now started and will be completed by July 2007."
"With two of Bedford's most successful companies expanding within the town, this new development at Priory Business Park - Bedford's flagship business park - will provide a significant boost to the local economy" said Andrew Clarke of Douglas Duff.
The buildings will provide bespoke office/production headquarters premises and a high- quality working environment for both companies:
Chloride Electronics will occupy around 19,800 sq ft (1,840 sq m) of space, for a term of 15 years from completion, on full repairing and insuring terms. There are reviews in year 5 and 10 based on the increase in the Consumer Price Index (CPI). Listed on the London Stock Exchange, the company is the UK's premier manufacturer and supplier of uninterruptible power supply systems and power conditioners across a wide range of market sectors from government establishments to financial telecoms centres.
Mektron Systems' new premises will extend to some 28,800 sq ft (2,676 sq m), and have been let for a term of 10 years on full repairing and insuring terms. There will be a rent review in year 5 based on the increase in the CPI. Mektron Systems is an approved supplier to international 'blue chip' companies, and a major provider of rugged system enclosure solutions, particularly for the defence sector. The company was acquired by the Swiss-based Elma Electronic Group in 2005.
