Bulleys helps Goold Estates property expansion

James Bird, a senior associate at Bulleys

Bulleys Chartered Surveyors has helped an expanding estates group to buy a Black Country industrial and warehouse distribution park in a multi-million pound deal.

The assistance from the commercial property specialist saw Goold Estates purchase of units totalling 457,000 sq ft at 1-7 Spring Road in Ettingshall, Wolverhampton for an undisclosed sum.

The seven units ranging from 33,400 to 86,505 sq ft are all currently let to Great Bear Distribution, a chilled food distribution specialist that is part of the Culina Logistics Group.

James Bird, a senior associate at Bulleys, said: “We were delighted to play an instrumental part in this deal happening.

“Here at Bulleys we have unrivalled knowledge of commercial and industrial properties and estates across the region, and this is a great example of the high-value deals we can assist with.”

Goold Estates is a commercial property, investment and development company based in Oldbury, near Birmingham, specialising in office and industrial redevelopment and asset management across the West Midlands.

Dominic Goold, managing director of the group, said: “We’re really grateful for Bulleys’ assistance on what is a tremendous deal for us that has significantly increased the size of our property portfolio.

“Spring Road represented a great opportunity to acquire an excellent site in a fantastic location. The industrial and logistics sector is strong and this site is in a first class location, being near the motorway network.

“I am delighted to have made this high-quality strategic purchase and we are looking forward to working closely with the occupier. We are committed to growing our business further and we are actively looking for opportunities of a similar calibre.”

The purchase of the Spring Road units was a deal with former owner London and Oriental Properties, part-funded by Handelsbanken.

Goold Estates now owns and manages a million square feet of space at multi-let industrial and trading estates across the West Midlands, with voids of less than 1% across the portfolio.

The deal follows Goold Estates recent completion of the Steel Park development at Wednesfield, where a hat-trick of deals at the end of 2018 saw all six industrial units snapped up by businesses relocating or expanding.