Goold Estates have purchased a substantial industrial complex in their home town of Walsall for £500,000.
The units, amounting to 64,647 sq ft , on Midland Road/Wednesbury Road, located on the southern outskirts of Walsall Town Centre, have been purchased from Aspinall Holdings on the basis that the existing tenant , Walsall Security Printers will continue to lease the premises on a short-term basis at a rent of £140,000 per annum.
Dominic Goold, Managing Director of Goold Estates explained: “The medium-term strategy is to relocate a tenant from our existing portfolio into one of the large units once it has been vacated and then find an occupier for the modern, two storey unit of 25,000 sq ft. We believe it is ideal for a variety of uses, subject to planning, having an excellent road frontage and being within a mixed residential and commercial area.”
“Food and non-food retailers, trade counter, leisure including gymnasiums as well as industrial/warehouse occupiers are all likely to show strong interest. The building’s layout is ideally suited to sub-division so we can provide accommodation from 6,000 sq ft upwards.”
Goold Estates have an excellent track record of buying poorly performing industrial, office and retail properties, providing a proactive approach to refurbishment and having a hands-on-management style with existing tenants to help fill voids and improve income. Success at properties such as: 17 Lichfield Street, Walsall and Black Country House, Oldbury has given Goold Estates the confidence to embark on further commercial property projects and are actively seeking more opportunities in the Midlands.
Goold Estates represented themselves whilst Lambert Smith Hampton represented the vendor Aspinall Holdings.