Property investor and developer swoops for 457,000 sq ft distribution park
Goold Estates has boosted its property portfolio with the multi-million pound purchase of an industrial and warehouse distribution park in Wolverhampton.
Totalling 457,000 sq ft, units 1-7 Spring Road in Ettingshall have been acquired from London and Oriental Properties for an undisclosed sum in an off-market deal, the company announced today.
Spring Road has seven industrial and distribution units all let to a single tenant – chilled and ambient food distribution specialist Great Bear Distribution, part of Culina Logistics Group. Units range from 33,400 sq ft to 86,505 sq ft.
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.
Managing director Dominic Goold said the deal demonstrates the company’s ability and commitment to invest in high quality industrial/logistics sites in the region.
He said: “This is a tremendous deal for us and is a key part of our strategic business plan. 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.”
He added: “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 deal, part-funded by Handelsbanken, means that Goold Estates 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 seven Spring Road units each have parking, service yards, loading bays, and a mix of level access and dock levelers. Each building has separate access and servicing arrangements.
Goold Estates recently completed the Steel Park development at Wednesfield. A hat-trick of deals completed towards the end of 2018 means that all six industrial units have been snapped up by businesses relocating or expanding their operations.