A significant industrial estate in Nuneaton has been sold following a £6.375 million deal.
An unnamed fund has acquired Centrovell Trading Estate, on Caldwell Road, with Citivale acting as operating partner. The vendor was Warwickshire-based property investment company The Wigley Group.
The estate is fully let to half-a-dozen businesses, with its latest tenant Rapid Metals Ltd signing a long-term lease in April.
The site includes seven units and spans more than 90,000 sq ft in total, and is located close to the heart of the region’s transport network including the M6.
James Davies, Chief Executive Officer at The Wigley Group, said: “This is a really positive deal which demonstrates our strong experience in asset management.
“During the seven years we have held the site in our portfolio, we’ve secured new leases, driven significant rental growth, and added income to a well-connected asset.
“With all of the units now fully let, we felt it was the right time to focus our energies on new development opportunities including two estates we are about to commence work on in Coventry – Albion Enterprise Park and Stonebridge Trading Estate – following recent planning approval.”
As well as Rapid Metals Ltd, the site is home to businesses including Exhaust Tyres and Batteries (Worcester) Ltd, Onstyle Lifting and Engineering Ltd, Aeroforma Technologies (Midlands) Litd, Caterers Supplies Ltd, and KB Transport Solutions Ltd.
The Wigley Group was represented by Nick Howe at Edgerley Simpson Howe LLP, while Citivale was represented by Ben Wisher of CBRE.
Rebecca Farnsworth, of Citivale, added: “The acquisition aligns with our strategy of acquiring industrial investments in solid locations with growth potential and we are delighted at its conclusion.”