A thriving centre for small businesses in Rugby has been sold at auction.
The Craft Studios at Hillmorton Locks in Rugby was acquired at a Loveitts sale for £275,000 after owners the Canal and River Trust put the site up for sale.
New proprietor The Wigley Group aims to offer an improved service to tenants which will allow the bustling 3,163 sq ft estate of small businesses to thrive.
Built in 2001, the 11 small craft studio units, located off Brindley Road in Hillmorton, are fully let to seven tenants including a furniture upholsterer, IT consultant, physiotherapist and dog groomer. There is onsite parking and a nearby canal side café.
The Wigley Group director James Davies said: “This is a really high quality development and I’m delighted we have been able to acquire the site.
“There is a wide range of established businesses in the units and the position next to the Oxford Canal is fantastic. Crucially the location – just outside Rugby – is very close to the motorway network including the M1 and M6.
“Having acted for the tenants for a number of years we are keen to ensure they get the most from their service charges. I know that tenants had been uncertain about the future of the estate and a number have already told me they’re delighted that we’ve been able to secure this investment.
“We’re now looking forward to meeting the owners of all the businesses and getting a better understanding of their plans and how we can help the site to develop.”
The adjacent Hillmorton Locks are part of the Oxford Canal opened to trade in August 1840 and today thousands of leisure boats still pass through the locks.