BlackRock has put the majority 50-acre freehold ownership at Birmingham Business Park and the controlling share in the management company for the park up for sale seeking £117 million.
ACRE Capital Real Estate has been appointed on the sale which comprises a 610,000-square-foot slice of the giant West Midlands park.
It comprises 121,578 square feet of 100% let industrial and 427,478 square feet of 90% let offices. The total rental income is £10.15 million a year.
Investors are likely to be targeting the opportunity to comprehensively refurbish or redevelop a 6.03-acre cleared site with development potential for a research and development or light industrial scheme of 82,601 square feet and a 3.79-acre site, where it could either comprehensively refurbish the existing vacant office into a 62,665-square-foot scheme, or redevelop the site for R&D/light industrial use with new-build units totalling 60,988 square feet.
There is also a 2.35-acre site adjacent site, used as an income producing car park but offers redevelopment potential for a further R&D/light industrial unit of 26,178 square feet.
ACRE points out that if these developments are pursued it could lead to a park-wide office-to-industrial pivot.
Occupiers include Sulzer, NTT Data, Canon, Persimmon Holman, IMI, Goodyear, Galliford Try and GKN.
BlackRock is an investment management company operating in 36 countries and employing over 18,000 people.
In 2015 BlackRock purchased the freehold interest in 359,644 square feet of offices at the park from Canmoor Asset Management and James Caird Asset Management, as an investment, for £84.8 million, reflecting a net initial yield of 7%.