Canmoor’s work on an extensive refurbishment programme at a Dudley industrial estate is making significant progress as its new landlords look to upgrade stock in the region.
Castle Mill Industrial Estate was bought by Canmoor last year, with the business committing to carrying out a substantial redevelopment and refurbishment programme at the multi-let site to improve the standard of buildings in light of strong demand for commercial stock in the Black Country.
Neil Slade, of Harris Lamb’s Agency team, said: “Our Investment Department sold this site to Canmoor late last year and they were quickly onsite undertaking long awaited works to the Estate, namely the refurbishment of existing industrial units and the demolition of redundant offices. The 170,000 sqft site on the Birmingham New Road had not had any capital expenditure for several years and the new owners are investing to improve facilities and duly drive value with new tenants seeking better quality accommodation.
“In the first instance, Canmoor took a derelict 22,000 sqft unit that had been empty for around 10 years due to a lack of investment and are close to completing a full refurbishment including re-roofing, new improved loading, building new offices and creating an extensive secure yard at the property to return it to a marketable condition.
Toby Saul, of Canmoor, added “Canmoor is also demolishing redundant buildings to transform the estate to provide the unit sizes and yards to satisfy the current occupier demand. The continuing shortage of quality industrial stock across as the West Midlands remains a big problem for the sector and Canmoor is keen to address it and bring new opportunities to market. We are already in discussions with several parties about moving to the estate”.
The refurbishment is well underway, with Canmoor aiming to have it completed in May and where several parties have already expressed interest in the available buildings onsite that range from approximately 7,000sqft to 22,000sqft.
Further to overseeing the sale of the site to Canmoor, Harris Lamb was also retained to manage the estate and to re-let the units.