WATERFRONT Business Park has been snapped up by a London-based investor for £15 million.

The business park, which is home to West Midlands Ambulance Service, HMRC and Dudley College of Technology, has been acquired by Bridges Fund Management from Merry Hill owners intu.

The park was built, along with Merry Hill, by developer Roy Richardson and his late brother, Don, before both were later acquired by intu.

The sale comes as intu works to balance its books.

Matthew Roberts, intu chief executive, said: “We said at our interim results in July that part of our strategy is to fix the balance sheet. One way that we are doing this is through disposal and part-disposal of assets in the UK and Spain.

“In line with this, we have now completed the sale of the Waterfront Business Park to Bridges for its asking price of £15.5 million.”

The London firm was advised by Birmingham-based property agents KWB, whose director Nigel Tripp says that the new owners will be looking to refurbish the park's vacant space.

Nigel Tripp said: "Obviously, it's very early to say precisely what will happen to the park, but knowing their track record, I'd expect them to invest significant sums in the latest energy-efficient technology, because they're always keen for their investments to be sustainable."

Waterfront Business Park is made up of nine buildings which offer 228,000 sq ft of office and industrial space.