DEMAND FOR BLACK COUNTRY STOCK STILL HIGH AS WOLVERHAMPTON WAREHOUSE SITES SELL FOR £4M
Harris Lamb has sold two major warehouse sites in Wolverhampton for almost £4,000,000, further demonstrating the continuing demand for industrial stock within the region.
Local wholesaler Absolute Apparel and Building & Plumbing Supplies (BPS) have each taken on manufacturing and distribution facilities at the Racecourse Road Industrial Estate.
Following the move of the former tenant, Caterpillar UK, independent landlords of the 110,000 sqft and 40,000 sqft warehouses offered the properties to the market and following best bids on each, the former has been sold to Absolute Apparel close to the asking price of £3,000,000, while BPS purchased their property for in excess of £1,000,000.
Neil Slade, Director of Harris Lamb’s Agency team, who oversaw both sales said: “We were instructed to dispose of both of these premises, each based on the Racecourse Road Industrial Estate on behalf of two separate property company clients.
“The estate is conveniently located one mile away from Wolverhampton City Centre and three miles away from the M54, thereby providing good access links to the wider Midlands market and National Motorway Network.
“The smaller ex-Caterpillar UK premises comprised a 38,000sqft self-contained unit set in 1.88 acres, made up of a warehouse, office space, yard and an on-site sub-station and was marketed for an asking price of £1,100,000.
“The second site, an extensive, larger warehouse facility of with HQ offices, was an ideal location for a regional headquarters, and was marketed for £3,000,000.
“We had a great deal of interest in both sites, and went to a competitive bids process on each property with both completing within the same week.
Founded in 2005, Absolute Apparel is a major Importer and Wholesaler to the imprint and corporate markets. Their new facility reflects the company’s continued growth and need to further expand its operations.
Established in 1934, Building & Plumbing Supplies are an independent builders merchants serving Warwickshire, Gloucestershire and Worcestershire areas, offering a one-stop-shop for trade and domestic markets.
“This is a great coup for the region as it will see many jobs secured at the site following the move of Caterpillar UK. We have previously discussed the demand for industrial stock within the Black Country and these deals are further proof of that need,” added Neil.