Watling Real Estate has sold a vacant industrial/warehouse unit in Derbyshire for £2,487,500.
The 37,424 sq ft unit on Hartshorne Road in Swadlincote was sold on behalf of the joint administrators of Greenbank Terotech Ltd, Lee Causer and Benjamin Peterson, with the sale price exceeding the guide of £2.2 million following a competitive marketing campaign.
The property has been acquired by County Tyrone-based The Sycamore Avenue Company Ltd, a manufacturer of building products, for their own occupation.
Ben Holyhead, an associate director in the Birmingham office of Watling Real Estate, said: “Despite the challenging macroeconomic environment, we witnessed a depth of demand in the property reflecting the restricted supply of traditional freehold industrial/warehouse accommodation.
“The resulting competitive tension drove pricing beyond the quoted guide price, with the property achieving over £65 per sq ft. We continue to witness robust levels of demand for well-located freehold assets within established locations.”
The property became available following a group of four Derbyshire-based engineering businesses, including Greenback Terotech Ltd, entering administration.
Originally established in 1954, the group provided a range of engineering services including design, manufacturing, supply and installation services to the bulk-handling, power, energy from waste, rail, water and wastewater industries.
Law firm Browne Jacobson acted for the joint administrators and Eversheds advised The Sycamore Avenue Company Ltd.
