Commercial agents at Harris Lamb have sold a former vehicle preparation centre in Aldridge to a construction specialist for more than £5 million further to multiple offers for the site and within weeks of vacant possession.
Acting for a private client, the business was instructed to let or sell the property, a purpose-built c38,000 sqft building set on a secure 6.2-acre site at Westgate, in the run up to expiry of the former tenant’s lease.
Harris Lamb’s Agency team had successfully let the site to a succession of tenants for over a decade and with the most recent, Zenith Commercial Solutions, having vacated the site in March of this year, the property was available with a guide price of £5m.
Neil Slade, who oversaw the sale, said that while team anticipated high enquiry levels in the opportunity, it underestimated the fierce demand from would-be owners and investors to secure the property.
“Freehold, low density industrial opportunities are few and far between and such was the specification, size and situation of this property that we were very quickly fielding offers well over the guide price from interested developers, investors and potential owner-occupiers,” he said.
“Comprising of a purpose-built industrial building divided into integral component parts housing a paint workshop, vehicle preparation and repair centre, HQ offices, welfare facilities and parts stores, the property offers a 400 KVA power supply, extensive yard and parking areas and first-class security with a fully-fenced site, CCTV and high level flood lighting to all external areas.
“Located within an established industrial area four miles from Junction 10 of the M6, the property offers superb logistics links and extensive scope for expansion and development. As such, we saw fervent interest from a range of parties including developers, owner occupiers, open storage businesses and investors,” he said.
“Further to multiple bids being submitted at and above the asking price, we agreed sale prior to vacant possession to established construction specialists John F Hunt, completing the deal within a swift timeframe in the face of fierce underbidder interest,” added Neil.
John F Hunt was established in 1982 and has grown to a group of 21 companies and divisions focused on supporting the construction industry through its specialist engineering services or plant hire businesses. Having worked with the foremost construction companies in the UK, the business is committed to delivering sustainable solutions, protecting the environment, hitting its carbon zero target and maintaining the highest safety standards.
Neil added: “We are delighted with the swift disposal of this site. There is unquestionably extremely strong demand for low density industrial opportunities at present, and it is an optimum time to take such assets to the market.”
