Midlands property, development and construction company The Wigley Group has sold part of an industrial estate in Coventry for £2.56 million.
The company, which has its headquarters in Stockton, Warwickshire, has sold four units — totalling 24,888sq ft — at Henley Industrial Park to a client of Chancerygate, the UK’s largest multi-unit industrial property developer and asset manager, in a deal that reflects a net yield of 6.12%.
Two of the units were built in 2018 by The Wigley Group’s construction arm, Wigley Building and Development Ltd, and all four have tenants. Among them is Screwfix, the national retailer of tools, accessories and hardware products.
The Wigley Group purchased the well-established industrial estate in the late 1990s in what was one of the company’s first property investments, and retains 10 units there.
It is located approximately 3.5 miles north-east of Coventry city centre and is 1.5 miles south-west of Junction 2 of the M6/M69 Interchange.
James Davies, Managing Director of The Wigley Group, said: “This site is a significant one in the history of our company. It was one of the first property investments in a portfolio that now includes a range of multi-use sites across the Midlands region, and was also the first new-build project of our construction arm Wigley Building and Development Ltd.
“The sale of these four units is very good deal for the growth of our company and also a sign of confidence in the commercial property market and strong investor appetite for well-let industrial assets.
“I also want to acknowledge the hard work of our estates team, our joint agents, and lawyer James Polo-Richards for getting the deal done and continuing to our strong start to 2021.
“We’ll be reinvesting the proceeds in line with our plan to continually improve our portfolio, locally and regionally.”
Edgerley Simpson Howe LLP and Bromwich Hardy were joint agents, and The Wigley Group was represented by James Polo-Richards, Real Estate Partner and Head of West Midlands at JG Poole & Co.
The Wigley Group was founded in 1964 and has evolved from its beginnings as an agricultural plant hire company to its present incarnation, developing, owning and managing commercial properties across the Midlands. Wigley Building & Development Ltd was established following a merger with main contractor Ciexbe four years ago.