New owner’s vow as Peterborough Business Park sold for £22.5 million
A prominent business park in Peterborough has been sold in a £22.5 million deal.
The Peterborough Business Park, in Lynch Wood, has been bought by Ipswich Borough Council’s commercial property company to provide a revenue stream for the local authority.
Ipswich Borough Assets (IBA) has bought the park, which is home to a range of companies such as Anglian Water, MyTravel and PS Financials, from London-based Threadneedle Investments. The park is expected to provide an annual income of £3 million.
IBA chair and borough councillor Colin Kreidewolf said there was no intention to raise the cost of leases and rents.
“Any opportunities that we have to improve it or make it more attractive will be looked into,” he said.
“We believe that active management is required to ensure the asset remains attractive to the tenants.
“The business park is an attractive investment because it has a diverse range of good clients, is fully occupied and Peterborough is a growing city, with excellent transport links.”