A Coventry-based property company has bought a high-profile industrial estate in Birmingham – its first investment in the second city.
The Wigley Group, which owns and manages business and industrial parks in the Midlands, has invested more than £2 million to buy the Aston Expressway Industrial Estate.
The estate, which lies just minutes from the M6 and is on the main A38M route into the city, is home to tenants including Wolseley, Hilti and Goliath Engineering and totals around 42,000 sqftin five units.
Wigley, which is celebrating its 50th anniversary this year, purchased the freehold interest from Bedford-based property investment company Kindale.
James Davies, head of Estates at Wigley Group, said: “We have made no secret of the fact that we are looking to acquire business and industrial holdings, and we feel that Aston Expressway Industrial Estates meets our requirements.
“It is in a very good location, benefits from some solid and successful tenants, but we also feel that it offers room for potential.
“There is currently one unit vacant and we are very confident that we will be able to find a similarly suitable tenant.”
Wigley Group, which has just moved to a new headquarters at the Middlemarch Business Park in Coventry, specialises in property development, construction, management and also financial and insurance products for the property industry.
Davies added: “Our company ethos is to invest in the long term and we look very much at the underlying value of property, and certainly this fits all our criteria.
“While we are based in Coventry, we are prepared to invest anywhere in the Midlands if properties meet those requirements.
“This is the first time we have invested in Birmingham, and there could well be other similar investments over the next 18 months or so.”
GVA acted for Wigley while Kindale were represented by GBR Phoenix Beard.
