The first of six industrial units on a multi million speculative development at a key West Midlands site has been sold, commercial property company Goold Estates has announced.
Kinetrol Ltd, manufacturers of rotary pneumatic actuators, has bought the 7,754 sq ft unit at Steelpark Trading Estate, for an undisclosed sum, to be used by its Powerite division, suppliers of valves, actuators and actuated valve assemblies. Goold Estates will carry out the fit out of the unit.
The Wednesfield development, which has planning consent from City of Wolverhampton Council, is expected to generate dozens of jobs with the other units also attracting significant interest.
Steelpark Trading Estate will comprise six industrial/warehouse units totaling 70,000 sq ft at Steelpark Way.
Construction commenced in the summer with units available from December. The whole development is expected to reach practical completion in January 2018.
Dominic Goold, director of Walsall-based Goold Estates, said: “This is a high quality development, which has attracted lots of interest already.
“To be able to announce the first sale of a unit, before it has reached completion, highlights the potential this development offers. It is in an excellent location with great transport connections so we were confident there would be strong demand in the market for the units.”
John Nash, managing director of Kinetrol, said: ” Our staff look forward to being in a new and desirable building which matches our ambitions for Powerite.”
Goold Estates invited property professionals and business organisations across the region to see the progress being made on the development at its official launch recently. More than 35 industrial agents, council officers, councillors and representatives of Finance Birmingham attended. Finance Birmingham arranged speculative development finance to help fund the project through the West Midlands Combined Authority Collective Investment Fund CIF.
Goold Estates also announced that its nine units at Aldridge Business Park are now fully occupied following a programme of refurbishment, re-letting and re-gearing after the site was acquired.
The Steelpark development provides access to the motorway network, being just 4.6 miles west of J10 M6 and four miles south of J1 M54.
Units available at Steelpark Trading Estate vary in size from 7,754 sq ft to 21,450 sq ft. Building specifications can be designed to meet occupier requirements and can be provided as a shell or as a turn-key bespoke project.