Redditch’s only freehold industrial park is nearing completion, following the sale of one unit to an expanding lighting specialist company, and with the final remaining unit also under offer.
Target Park has attracted a variety of businesses to its two phases of development, and the six units in phase two have a BREEAM Excellent rating. The £12m park is owned by Abacus Developments, the development arm of the Sir Robert McAlpine group.
The penultimate unit remaining was purchased by Thorlux Lighting, for £665,000. Ian Parker, of John Truslove, and Kenny Allan, of joint agents KGA, represented Abacus Developments.
The company has its UK headquarters just a short distance away, in Merse Road, and has other sites around the country. Thorlux has already moved into the 11,349 square feet premises on Phase 1 of Target Park, which it is utilising as a new outdoor lighting manufacturing division, called TRT Lighting.
Financial Director Craig Muncaster said: “This represents an expansion move for us. As it’s a start-up company, it was important that it was within easy reach of our main site, and Target Park is only five minutes away from Merse Road, so is ideal.
“In addition, it is modern and has not been kitted out, so it gives us flexibility for the future. It was the right fit, and came just at the right time for us.”
The Thorlux range of luminaires is designed, manufactured and distributed by Thorlux Lighting, a division of F.W. Thorpe Plc. Thorlux luminaires have been manufactured continuously since 1936, the year Frederick William Thorpe founded the company. Thorlux is well known throughout the world and provides a comprehensive range of professional lighting and control systems for architectural, commercial, floodlighting, industrial, hazardous area and tunnel applications.
Joint agent Ian Parker said: “This deal, together with the final unit of 13,901 sq ft on Phase 2 also being under offer, means that Target Park is nearing completion, which is testimony to the quality of the accommodation.
“The Redditch market is showing signs of improvement, and this news will give it a further confidence boost.”
Phase 1 comprises 54,750 sq ft of industrial and warehousing space, occupied by mainly relocating, local, companies, including Magnet Trade, Reynards Bakeries and Karmamobility. Phase 2 comprises a further six units totalling more than 60,000 sq ft, and is home to ESP Electronic Lines, Heartbeat, Johns of Studley and lighting specialists Century Lighting, the latter two of which occupy two units on the development.