A Redditch industrial estate which changed hands a year ago in a £2.5 million-plus deal is now almost fully let following a makeover and a major marketing campaign by agents John Truslove
There is just one unit left out of 30 at Colemeadow Road Industrial Estate, North Moons Moat.
When Eastburn Estates, a joint venture between specialist property investors Westbrook Partners and real estate asset managers M7 Real Estate, acquired the estate from leading independent property fund manager Rockspring in March 2012 some 30 per cent of the units were vacant.
Last year John Truslove let four – to air conditioning, nutrition, electronics and internet commerce firms.
Following this success, the latest to move in are automated gate specialists D. Allum Fabrications, which has taken a three year lease on No. 13 in addition to its premises in Stourport-on-Severn, while renewable energy specialists Greenway Energy and orthopaedics products company Orthomotion are sharing 5,766 sq ft No.3 – bought by Redditch-based Moons Moat Property.
All of the remaining units on the estate are now under offer.
Most of the new arrivals are SMEs – for example, Orthomotion is an established orthopaedic consultancy, advising in particular US firms looking to enter the UK market, which is now moving into product distribution. “It is a big expansion for us and exciting times,” said chief executive Tony Fennell. “We will be looking to employ local staff to develop the business over the coming years.”
John Truslove director Ian Parker said: “It has gone well. This is a popular and established industrial estate which is well located for the motorway network. It attracts go-ahead small firms, often employing only a handful of people, but looking to grow and create further jobs.
“We were very pleased to work with M7.”
M7 Real Estate, which manages a portfolio of more than 200 assets amounting to 12 million sq ft of space, is a specialist in multi-let light industrial.
On taking over it carried out some external refurbishment and landscaping while an early decision to offer units for both rent and purchase – strictly speaking 999 year leases – has paid off.
Jack Thoms, partner, said: “We are absolutely delighted with the results – Ian and the team at John Truslove have done a great job.
“Even we have been surprised at the amount of deals John Truslove have been able to agree, especially when the competition appears to be struggling.”
Colemeadow Road Industrial Estate has a total area of 78,585 sq ft with unit sizes ranging between 554 sq ft to 11,606 sq ft.