CBRE recycles land in double deal

Property consultants CBRE have completed the sale of two industrial land sites, totalling more than 11 acres, in the West Midlands.

The former DHL depot on Trinity Street, Oldbury, has been sold to waste recycling company Weir Waste Services. The seven-acre site, including 44,000 sq ft of warehouse buildings, was owned by haulage firm Rosier Transport. The deal was subject to planning approval for a general waste recycling depot on the site.

CBRE advised Rosier Transport on the sale and Harris Lamb represented Weir Waste Services.

In Lichfield, Greenfield Environmental Ltd has bought a 4.3-acre former vehicle depot, which includes 15,000 sq ft of existing buildings, at Burton Road. The company acquired the site, adjacent to Lichfield Trent Valley Station, from HSBC, who were advised by CBRE. The site will be occupied by Greenfield Environmental’s pallet storage and recycling business, Kingsbury Pallets.

Jon Ryan-Gill, senior surveyor in the industrial agency team at CBRE in Birmingham, said: “We received strong interest in both sites from potential occupiers, which resulted in a best bids situation on one site, due to the lack of good quality land for owner/occupation in the region.

“Both these deals suggest that where there is land that hasn’t been earmarked for development, owner/occupiers will be keen to snap it up. They also demonstrate that land values in the West Midlands are holding up in the current market, with both sites achieving a good price.”