An engineering company is set to double in size after signing a lease on a new premises in Worcester.
Sierra CP Engineering Ltd, which designs and builds world-class engine and vehicle test facilities, is set to move to Worcester Six Business Park in spring 2024 after receiving support from leading property consultancy Fisher German.
The company appointed Fisher German to conduct a full market search for a new site after outgrowing its current 14,000 sq ft premises in Malvern.
Sierra CP Engineering was looking for a premises closer to Worcester which would enable it to extend its manufacturing area as part of ambitious growth plans to increase staff numbers and revenue.
Fisher German conducted a thorough search for sites before acting on behalf of the company to negotiate and agree a new 10-year lease on a 28,167 sq ft premises at the business park.
The firm’s building consultancy team then carried out a Schedule of Dilapidations and Schedule of Condition for the unit.
Contractors are anticipated to begin fitting out the site after Christmas, with Sierra CP Engineering expecting to officially open in spring next year.
Tom Hyde, of Sierra CP Engineering, said: “We have been based at our current site for 20 years, and in the last 15 years we have seen our revenue grow from £3 million to £15 million per annum.
“We are keen to build this momentum further but we have outgrown our current premises and are very limited in what we can get out of the door.
“Fisher German’s strong knowledge of the market meant they were hugely supportive in locating and securing our new premises. They truly understood our business needs and professionally managed the process throughout.
“Our new unit at Worcester Six Business Park will provide us with ample space to expand as we look to accelerate our growth plans.
“It is an extremely exciting time for the business and we look forward to launching our new site in Worcester next year.”
Lauren Allcoat, Associate at Fisher German, said: “We are very pleased to secure a new unit on behalf of Sierra CP Engineering.
“We were able to provide the company with insights into the market, produce a report of availability based on business needs and negotiate a lease structured to our client’s needs upon favourable terms for the new unit.
“Providing a full spectrum of property services also meant we were also able to carry out a Schedule of Dilapidations and Schedule of Condition for the unit, protecting our client’s future liabilities.
“Worcester Business Park is an excellent location, benefitting from strong transport links and ample parking.
“It will be a fantastic site to support Sierra’s growth plans, and we look forward to seeing the business officially open at the new unit next year.”