A leading independent property development, investment and construction firm is set to add to its portfolio after agreeing terms to acquire a warehouse in Warwickshire.
The Wigley Group has agreed a deal to acquire a prime 40,000 sq ft warehouse in Southam, opening up an opportunity for a regional logistics operator to establish in the heart of the distribution network.
The modern high-bay building with offices is located on the main industrial estate in Southam and is now available for lease, with The Wigley Group expecting interest from regionally-sized logistics and distribution operators due to high demand for commercial buildings of this type in the area.
The property boasts an eaves height of approximately nine metres, rising to around 13 metres at the apex, making it an attractive space for large-scale storage with extensive racking available.
It also includes a 2,000 sq ft mezzanine, two self-contained internal office blocks, goods yard and on-site parking with 46 spaces.
The unit lies within close proximity to Leamington, Daventry, Coventry and Banbury, with easy access to the regional motorway network.
James Davies, managing director of The Wigley Group, said: “We are delighted to have agreed this deal, not only as a strong addition to our portfolio but also in continuing to support our local economy by helping to meet a real shortage of commercial property.
“There is a recognised high demand with low supply of available buildings of this type and with its nine metre eaves and good connections to the M40, M45 and M1, we are anticipating considerable interest particularly from regionally-sized logistics operators.
“With our company headquarters closeby at Stockton in Southam, we look forward to the unit generating renewed business and employment opportunities in the area.”
Wright Hassall is acting for The Wigley Group in the acquisition of the unit from FMAG Property Limited and completion is expected in September, with the leasehold now being jointly marketed by Bromwich Hardy and Wareing & Company.
Tom Bromwich, partner at Bromwich Hardy, said: “The Wigley Group has made an astute acquisition off market, capitalising on the lack of empty commercial stock.
“The property is really well-located on the main industrial estate in Southam with easy access to the central motorway network.
“There are no buildings of this type with an eaves height of nine metres, and with good offices, yard and parking. With our knowledge of Southam, we expect there to be strong interest.”