Redditch’s only freehold industrial park has defied the current market trend, by completely selling out, despite the recession.
The only freehold scheme to have been speculatively built in the area for more than ten years is now fully occupied, after the final unit on Target Park was snapped up by yet another expanding local company.
The Heartbeat Manufacturing Co. (Redditch) Ltd has purchased Unit 10 (13,901 sq ft) to finally complete the scheme, and is one of four businesses that has doubled its space on the development.
Heartbeat provides a ‘one stop’ design, manufacturing and fitting of shop space service to the retail industry. Major clients include M&S, Tesco, Wickes and Ann Summers. Ian Parker, of John Truslove, and Kenny Allan, of joint agents KGA Chartered Surveyors, represented Abacus Developments.
The Shawbank Road park has attracted a variety of occupants to its two phases of development, with the six units in phase two having a BREEAM Excellent rating. The £12m scheme is owned by Abacus Developments, the development and investment arm of the Sir Robert McAlpine group.
Phase 1 comprises 54,750 sq ft of industrial and warehousing space, occupied by mainly relocating, local, companies, including Magnet Trade, Reynards Bakery, Karmamobility and most recently Thorpe Plc. 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. Johns of Studley, Century Lighting and Reynards Bakery have also bought two units each on the development.
Joint agent Ian Parker said: “Of the 12 units built, only one was a let, all the others were sold, which is indicative of a strong demand still for freehold properties in the town, despite the difficulties in the current market.
“This demand for high quality accommodation, and a diminishing stock generally, has meant that Target Park has attracted interest from a cross section of expanding businesses in the area.”
He added: “The first phase began in 2006 and, at the time, there had been no speculative new build development in Redditch for some years previously, nor has there been in the six years since. However, this has proved to be yet another successful scheme for Abacus Developments.”