Beecham’s tonic as Goold Estates invests £2.4m
Commercial property company Goold Estates has grown its portfolio in the West Midlands by acquiring Beecham Business Park, in Aldridge, in a £2.4 million deal.
The estate has 105,000 sq ft of industrial and office space on a 6.5 acre site, and is fully let with 15 tenants. Occupiers include Dennis Eagle, Westway Nissan and Oak Furnitureland.
Anthony Williams, operations director of Goold Estates, said: “This is our first major investment of the year but we are still looking for more land or multi-let industrial estates in the West Midlands. It’s a great addition to our portfolio of good quality sites across the region.
“This acquisition follows on from our recent success at similar sites in the region, including Redmill Trading Estate in Wednesbury and Lakeside Business Park in Cannock, which we have acquired and improved while working alongside tenants to meet their requirements.
“We are also about to start construction of our Steelpark speculative development in Wednesfield, where we are delivering 70,000 sq ft of industrial/warehouse units. These are exciting times for Goold Estates and we are keen to expand our operations further when opportunities arise.”
The gross rent of Beecham Business Park is around £354,000, with a net yield of 11.5 per cent. Burley Browne acted as agents for the vendor, Jack Allen Holdings.
Goold Estates purchased the former Redmill Snacks Foods site in Wednesbury for £1.79 million from Tayto Group. The 130,000 sq ft site has been fully refurbished and is now fully let. Occupiers include Screwifx, Combat and Morgan Sindall Properties.
The company also acquired Lakeside Business Park. The 3.8-acre site includes 87,774 sq ft of retail, leisure, office and warehouse accommodation. Occupiers include Euro Car Parts, Newlife and Electrium, a division of Siemens.