Knight Frank has sold the freehold of industrial property Phoenix House in Atherstone, Warwickshire on behalf of a private individual for £1.5m.
The property spans 28,937 sq ft of industrial space and was previously used as a distribution centre by Lloyds Pharmacy.
Phoenix House was bought by Lloyd Pascal, one of the leading homeware design, furniture design and importation companies in the UK. The property was bought immediately on vacation of the previous tenant, with no void period in-between.
James Clements, an Associate in Knight Frank’s Birmingham office commented: “We are pleased to have assisted in the sale of this property. There is currently limited supply in the Midlands industrial market, which is compounded by a large amount of active demand. Property void periods are reducing, this is the second transaction is as many months we have dealt with where the owner has enjoyed no vacant holding costs. Freehold opportunities are of particular interest to a lot of the enquiries we are receiving.”
Knight Frank acted for the vendor, BNP Paribas Real Estate acted for the purchaser.