Goold Estates has expanded its commercial property portfolio with the acquisition of a West Midlands industrial estate.
Masonry Trading Estate, at Bloxwich Road, Walsall, has been bought from the Mid Counties Co-op for an undisclosed sum in a competitive tendering process, managing director Dominic Goold has announced.
The site consists of four industrial units, totaling 77,725 sq ft of space, and over 6,000 sq ft of offices. Mid Counties Co-op is remaining on site and has agreed new three-year leases on two units measuring 19,316 sq ft in total.
On the day the purchase completed, a five-year lease on the entire 6,207 sq ft office space was agreed with Tuffnells Parcels Express with Goold Estates refurbishing the offices as part of the deal.
Goold Estates is a commercial property, investment and development company based in Oldbury, near Birmingham, specialising in industrial and office redevelopment and asset management across the West Midlands.
Managing director Dominic Goold said: “Our acquisition of Masonry Trading Estate demonstrates both our confidence in the industrial and warehouse sector and our commitment to acquiring properties to which we believe we can add significant value.
“We have a long and successful track record of acquiring similar, well-located, multi-let industrial properties in need of investment. We will follow our successful model of investing in a range of improvements to benefit the existing occupiers. The letting of the entire office space to Tuffnells Express Parcels was completed on the day we took ownership of the estate which is a great start to a new era at the property.”
He added: “This acquisition is a great deal for us and fits our strategic business plan perfectly. The industrial and logistics sector remains strong despite the obvious challenges presented by the pandemic. We remain committed to growing our business further and we are actively looking for opportunities to make similar investments.”
Tuffnells is a distributor of mixed freight, specialising in items of irregular dimension and weight (IDW). It operates from a network of 33 depots and a head office in Sheffield, serving about 4,000 businesses.
Tuffnells’ project manager Mike Williams said: “We would like to thank Goold Estates for their immense support in getting the office ready for us in such a timely manner and preparing them to such a high standard. We also appreciate the continued high level of support as we prepare to open this new regional office.”
Goold Estates was advised by industrial and logistics agent Sam Robinson, associate director at Colliers. Last year Goold Estates significantly increased the size of its property portfolio with the multi-million-pound purchase of a major industrial and warehouse distribution park. Totaling 457,000 sq ft, units 1-7 Spring Road in Ettingshall, Wolverhampton, was acquired from London and Oriental Properties in an off-market deal.