Within four months of buying the former Redmill Snack Foods site in Wednesbury, rebranded Red Mill Trading Estate, Goold Estates have let over 58,000 sq ft of industrial and trade units having embarked on a £1.2m programme of works.
Following an initial comprehensive refurbishment of 100,000 sq ft, four occupiers have already moved in and a further unit has just completed the legal process.
Screwfix, represented by Sam Robinson of Colliers International, spotted the potential of the main road frontage for a trade counter unit very early in the process taking 5,300 sq ft. It is expected that the adjacent units will also be taken by other trade counter occupiers.
BJS Distribution, on behalf of The Cotswold Company, moved into their 40,000 sq ft unit in December as did Billsave Insulation who now occupy 5,000 sq ft. Amber Foods, part of the Two Sisters Group, are the latest occupier to sign up on a 5,000 sq ft unit. A mixture of 10 year and 5 year leases were negotiated.
Dominic Goold, Managing Director of Goold Estates, the commercial property management, investment and development company, said: “Recognising the shortage of quality industrial and warehouse units we commenced demolition works to open up the estate and a full refurbishment of units immediately after the purchase and have been delighted with the take-up. Not only have we secured our first five tenants but a further four units are under offer. This gave us confidence to refurbish the final 20,000 sq ft which will be completed in the Spring.
We can now offer units from 2,500 to 20,000 sq ft, two of which will be attractive to trade counter operators. Each unit has new LED lighting, eaves heights of approximately 4m, level access loading door and 3 phase electricity supply.
These deals follow similar success at Lakeside Business Park in Cannock and two other industrial schemes in our home town of Walsall. We continue to look for commercial property with development angles.”
This latest scheme builds upon Goold Estates’ growing reputation as a developer who is able to react quickly to secure opportunities, undertake works speculatively and provide a high quality product.
Goold Estates purchased the estate for £1.79m turning around the legals within 10 days. The estate is well located for access to the M6 which is only 1 mile away and also benefits from a prominent frontage to the A41. As well as benefiting from dedicated loading areas and car parking the secure gated estate also has excellent site security provisions including remotely monitored CCTV, number plate recognition and PIR LED estate lighting.
Harris Lamb in Birmingham are the letting agents acting on behalf of Goold Estates.