A trio of property deals have been sealed in the West Midlands totalling almost £23 million.
Birmingham-based regeneration specialist St Modwen has sold its Technology Retail Park in Rugby prior to its completion in September.
Aberdeen Asset Management has bought the 100,000 sq ft retail park on behalf of one of its clients for £17.4 million.
Technology Retail Park forms a key part of St Modwen's £70 million regeneration project and was completely pre-let before construction began last year.
Senior development surveyor Peter Rudd said: "This sale is good news for the region. Representing a sub-six per cent yield, it demonstrates a confidence in the area following our ten-year regeneration of the former Alstom site.
"The swift letting of the units, ten months before their completion, combined with this sale to investors from outside the Midlands is evidence of the strength of the development we have created and the region's economy as a whole."
St Modwen was represented by Morgan Williams and Colliers acted for Aberdeen.
The agency's capital markets team in Birmingham has sold Castlegate House, on Castlegate Business Park in Dudley, to listed city group Real Estate Investors for £2.44 million on behalf of Aberdeen Asset Management.
The 21,375 sq ft grade A office building is let to insurance firm Footman James on a ten-year lease at a rent of £11 per sq ft. The sale price reflects a net initial yield of 9.1 per cent.
The capital markets team has also sold Stafford Park 15 in Telford to Pears Property for just over £3.1 million, reflecting a net initial yield of 10.54 per cent.
The multi-let industrial estate, which comprises 90,552 sq ft across 16 units, is fully let to 14 tenants at an annual rent of £347,648.
Knight Frank advised the vendor Granite Telford.
Jonathan Devaney, a partner in the capital markets team, said: "These deals highlight our strong links with investors and occupiers alike and demonstrate our ability to successfully transact non-institutional property investments."