A leading Midlands commercial property company has invested more than £4 million to acquire two major sites in the region.
The Wigley Group has purchased the freeholds for Centrovell Trading Estate in Nuneaton and the former RSM Industries site in Exhall, Coventry.
The 60,000 sq ft Centrovell Trading Estate is currently fully let to three businesses – Britannia Tyres, Freeman and Proctor and Caterers Supplies. The site was purchased for The Wigley Group by independent commercial property agency GVA.
The industrial warehousing in School Lane, Exhall is adjacent to the Bayton Road industrial estate and extends to 53,525 sq ft on a 2.7 acres. Previous occupier RSM Industries manufactured metal components for the car industry on the site.
The Wigley Group, based at Middlemarch Business Park, owns and manages business and industrial parks across the Midlands including Coventry and Birmingham as well as providing a range of services relating to commercial property, facilities management and risk.
Director James Davies said the purchases reflected strong demand in the area’s commercial property market.
“This region has enjoyed a sustained period of growth in terms of investment and development and demand for quality sites from companies relocating to the area or expanding is very buoyant,” he said.
“The Centrovell Trading Estate is a long-term investment for The Wigley Group and its location – close to the heart of the region’s transport network – means it has been enduringly attractive for businesses.
“The site in Exhall is next to the Bayton Road Industrial Estate which remains one of the largest commercial and industrial locations in the West Midlands and is home to a range of small and large business.
“Having our own in-house facilities management team means we will be able to ensure these investments are maintained to a very high standard.
“Our company ethos is to invest in the long term and with room to improve both sites we felt that they met all of our requirements.”
Bromwich Hardy has been appointed as commercial property agent for both sites. Senior commercial surveyor James Brookes said a shortage of property to service strong demand is having a major effect on the market in the area.
“Industrial property in the Coventry and Warwickshire area has vastly increased in price due to a shortage of suitable properties and land for new developments,” he said.
“Therefore purchasing larger older stock has become a necessity and the former RSM Industries building was probably one of the largest available in Coventry if not the West Midlands.
“The site will need some work to bring it up to specification but there is a rare opportunity to create a really interesting scheme.
“As well as enquiries from manufacturing businesses we have also had a number of approaches from companies who want to locate a leisure business on the site.
“The flexibility of the property means there is a chance to create a destination development which would be very exciting for the area.”