MK2 ACQUIRES TRIO OF ASSETS

MK2 has acquired the common areas at three multi-let Staffordshire developments.  

Eturia Lakeside comprises four office buildings, Festival Trade Park is a 13 unit industrial / trade counter estate and Pheonix Retail Park is a mixed use industrial, leisure and retail warehouse scheme.  

Originally developed by St Modwen, the individual units at the trio of developments have all been sold off to investors or owner occupiers, leaving only the common areas to manage.

Girish Patel at MK2 said: “Prop cos and developers who have successfully sold off all the commercial buildings on an estate can find they are left with the rump of the asset – often just the common parts. 

“Collecting the service charge and managing the grounds, landscaping, external lighting, parking areas and ensuring liabilities are met can be bothersome. Many companies simply don’t want the hassle. 

“Whilst they have the option of appointing a property management company such as MK2, many prefer to offload the problem altogether. That’s where we can step in: we have the management skills in-house and are happy to relieve the original owner of the headache of ownership as well as management.”