Birmingham agents Siddall Jones have completed another industrial property sale, reflecting the continuing demand for industrial accommodation within the city.
Key Land Capital has acquired Kestrel House, a 16,600 sq ft unit on a 0.42 acres site for £700,000.
Kestrel House, at 57-59 Aston Brook Street East, is the former headquarters of Hobday Ltd, which traded as e-shopfitting, wholesalers of shop fittings and sign equipment.
The three storey property was originally built in 1900 and comprises a variety of buildings which have been acquired and adapted over time. It now includes a showroom, stores and offices and links to adjacent warehousing, workshops and outbuildings.
Ed Siddall-Jones, managing director of Siddall Jones, said: “The sale reflects the continued demand for industrial accommodation within the city.
“The Kestrel House site benefits from excellent communication links being situated next to the A38(M) Aston Expressway and this will allow the purchaser to reconfigure the site to accommodate today’s modern warehouse and trade counter users.”
The property was sold on behalf of the directors’ SIPP.
Hobday Ltd director David Best said: “We took the decision to sell the premises and contacted a number of commercial property agents operating in the Aston area, finally choosing Siddall Jones.
“Ed Siddall-Jones quickly identified the kind of buyer that would be interested in the property and very quickly two offers were on the table.
“The sale proceeded very smoothly and we were very pleased both with the service and the end result.”
Key Land Capital Ltd is an independent property investment and development company based in Birmingham. The business was the subject of a management buyout in May 2020 when co-founder Kevin Sharkey acquired 100% of the shares.
Mr Sharkey said: “Aston is an area we have previously invested in and we see the site as offering a significant value add opportunity.
“We plan to develop the site to provide a number of new build high quality new B1(c), B2, B8 smaller industrial units. We will be retaining part of the site, the unit on Aston Road, and refurbishing this to provide a new trade counter-warehouse unit.”
Siddall Jones, which has offices in Birmingham and Dudley, was recently named “Most Active Agent” in the West Midlands, in the Radius Data Exchange survey produced in conjunction with EG, the commercial property market magazine. In 2019, Siddall Jones was named Most Active Single Branch Agent by number of deals done by CoStar and was a Top Five finalist in the overall CoStar awards.