A business park in Birmingham has been bought by the Government for at least £37 million to make way for the new HS2 high-speed rail line.
Property investor Hansteen has agreed the deal with the Secretary of State for Transport for Saltley Business Park by way of a compulsory purchase order (CPO).
Saltley Business Park comprises a multi-let industrial estate totalling just over one million sq ft across 22 units on a site totalling 47 acres.
The park, off the A47 Heartlands Parkway north east of the city centre, will be used for the first phase of the high-speed rail route between London and Birmingham city centre.
As part of the CPO process, High Speed Two, acting on behalf of the Secretary of State, has stated that a down payment of £36.9 million will be made.
A mutual valuation process is under way which is designed to establish the property's market value.
In the short term, Hansteen said it planned to use the initial proceeds to reduce the balance on its debt facility.
The first phase of HS2 will run between central London and Curzon Street, Birmingham, and is due to open in 2026.
The second phase will run from Birmingham to the North West and Manchester and Yorkshire via the East Midlands.
