Property consultants Alder King and Hicks Baker have let the first of four industrial/warehouse units on Corolin Road in Gloucester following a £500,000+ refurbishment by Chelsea Estates.
Unit 1-2 has been let to Motivair, the UK’s largest compressed air provider, for occupation by Stroud-based Central Compressors which became a division of the Motivair Group in 2015.
Central Compressors has now relocated into the 13,000 sq ft unit which provides larger, more modern premises and brings it closer to its customer network.
The Corolin Road units were originally built as individual units around 35 years ago but all 39,000 sq ft of the accommodation was occupied for many years by a medical products company until it vacated the site in 2014. Recognising a gap in the market for smaller good quality units, Chelsea Estates refurbished the property to sub-divide the space into four units.
The property now provides two 13,000 sq ft units capable of further sub-division, one of which has been taken by Motivair, and two smaller units of 6,500 sq ft, one of which is currently under offer. The remaining units are available on new 10 year leases off a quoting rent of £5.50 per sq ft per annum exclusive.
Adrian Rowley, partner at Alder King’s Gloucester office, said: “While Gloucester has had very much needed new build development, there has been very little refurbished accommodation like this come to the market for many years. This reconfigured terrace will fill a different but just as important need in Gloucester’s industrial market and the proof is in the pudding, with one unit now let, one under offer and serious interest in the remaining space.”
Units 1-6 Corolin Road sit within a self-contained plot with two access points off Corolin Road and benefit from excellent access to the Ring Road, the A38 and the Gloucester South West bypass. The two storey units provide industrial space on the ground floor with offices and other amenities on the first floor.
