ENGINEERING FIRM BUYS WOLVERHAMPTON WAREHOUSE FOR £1.5 MILLION
An established engineering firm has bought a Wolverhampton industrial unit for £1.5 million.
Harris Lamb’s Agency team oversaw the sale, which saw P&R Engineering Ltd purchase the warehouse on Spring Road, Ettingshall, having been instructed to lease or sell the property.
P&R Engineering, a family-run firm specialising in fibre optic laser cutting, fabrication and sheet bending, was established in 1985 in Wolverhampton, and has remained true to its roots for more than 30 years.
Tom Morley, Director, said: “The 26,000 sq ft unit, Alpha One, was finished to a high specification and offered modern industrial/warehouse accommodation with a large secure yard. When we were instructed by Andrew Brazier of Fletcher Estates Limited to let or sell the property, we were confident that there would be a great deal of interest in both options.
“Demand for industrial space throughout the West Midlands remains very strong, and as a detached, modern warehouse located close to Wolverhampton city centre and the M5 motorway, we experienced high enquiry levels about this property as soon as it hit the market.
“P&R Engineering, which has always been based in Wolverhampton, was looking to acquire a new site to expand their existing Cable Street, Wolverhampton operation. They recognized the lack of quality industrial/warehouse accommodation in this area, especially on a freehold basis and acted quickly to conclude the transaction. It was important to the business that it remained true to its heritage and remained within the Wolverhampton area, and as soon as we put this opportunity to the team, they were keen to take it on, outbidding other interested parties to secure the building.
“We’re hopeful that more opportunities of this nature will come to market in the region in due course in order to fulfil the ongoing call for industrial stock throughout the Black Country,” he added.