The third of six industrial units on a multi million pound speculative development in the West Midlands has been snapped up, commercial property company Goold Estates has announced.
The 19,060 sq ft unit at the Steelpark Trading Estate has been purchased for £1.78million by a private investor.
It has been let to CS Labels, one of the largest manufacturers of digital printed labels in Europe, following completion of a full refurbishment by Goold Estates.
Steelpark Trading Estate comprises six industrial/warehouse units totaling 75,000 sq ft at Steelpark Way. The Wednesfield development has attracted significant interest since construction commenced on the site last summer, with main work completed earlier this year.
The latest deal – priced at £6.70 per sq ft – means that 50% of the site is now taken. Two units have been sold, while a 10-year lease has been agreed on a third unit.
Dominic Goold, director of Midlands-based Goold Estates, said: “This is a high- quality development with great transport connections so we were confident there would be strong demand in the market for the units.
“The fact that 50% of the site is now occupied highlights the potential it offers and we are anticipating considerable interest in the remaining units.”
It is the latest deal to be concluded by Goold Estates at Steelpark Trading Estate, a speculative development that is expected to generate dozens of jobs in the area.
Last year it was announced that Kinetrol Ltd, manufacturers of rotary pneumatic actuators, had acquired a 7,754 sq ft unit at Steelpark for an undisclosed sum. Earlier this year a UK leading stockholder of engineering metals and plastics, signed a 10-year lease on a 11,470 sq ft unit at the trading estate.
Award-winning CS Labels started life as a screen printer in 1976. Family owned and run, it has grown to become one of Europe’s largest manufacturers of high-tech digital self-adhesive printed labels and packaging.
The latest deal at Steelpark was completed by the directors of CS Labels – it will see the business move to the trading estate from nearby Willenhall.
Simon Smith, managing director of CS Labels, said: “We are delighted to have purchased a new and desirable building which will allow us to continue to grow and develop our delivery of extensive in-house label printing facilities in pre-press and production.
“We are experts in our field and our mission is to ensure that customers harness the power of digital label printing to enhance sales, add equity to their brand, and enjoy the flexibility and quality that digital labeling offers.”
The Steelpark Trading Estate gained speculative development finance through Finance Birmingham and the West Midlands Combined Authority Collective Investment Fund.
It provides access to the motorway network, being just 4.6 miles west of J10 M6 and four miles south of J1 M54. Units vary in size from 7,754 sq ft to 21,450 sq ft.