Saltley Business Park in Birmingham has been acquired by the co-owner of The Mailbox in a £35.6 million deal.

A 50/50 joint venture between Brockton Capital and Hansteen has bought the site north of the city centre which will continue to be managed by Hansteen.

Saltley Business Park has a passing rent of £2.4 million per year, a contracted rent of £3 million and a void of 2.05 per cent.

Brockton Capital and Milligan bought The Mailbox in 2011 for £127 million and are currently carrying out a major overhaul of the boutique shopping centre.

Morgan Jones, joint chief executive of Hansteen, said: "We are delighted to have established a new partnership with Brockton Capital at Saltley Business Park and look forward to working with them on what is a significant and strategically important landholding in Birmingham.

"The site has a history of being traded at very high prices and, whilst it falls into the zone of influence of HS2, we believe the property and its business plan has a strong future, not least because of its strong income profile based off conservative levels."

Satley Business Park was part of the 42-asset Hansteen UK Industrial Property Unit Trust (HPUT) which has been sold for a total £146.1 million.

The other 41 sites are nationwide and were sold for £110.5m to a fund advised by Brockton Capital in a partnership with Dunedin Property.

HPUT was launched in July 2009 with £90 million of equity from Hansteen and five institutional investors.

On exit, it comprised 42 assets across England, Wales and Scotland with a combined floor area of 3.04 million sq ft, a void rate of 9.65 per cent and a passing rent of £10 million per year.