Estates group expands portfolio with purchase of industrial and warehouse distribution park

Goold Estates has expanded its portfolio with the acquisition of a Black Country industrial and warehouse distribution park in a multi-million pound deal.

The group has bought units totalling 457,000 sq ft at 1-7 Spring Road in Ettingshall, Wolverhampton for an undisclosed sum.

The seven units ranging from 33,400 to 86,505 sq ft are all currently let to Great Bear Distribution, a chilled food distribution specialist that is part of the Culina Logistics Group.

Dominic Goold, managing director of the group, said: “Spring Road represented a great opportunity to acquire an excellent site in a fantastic location. The industrial and logistics sector is strong and this site is in a first class location, being near the motorway network.

“I am delighted to have made this high-quality strategic purchase and we are looking forward to working closely with the occupier. We are committed to growing our business further and we are actively looking for opportunities of a similar calibre.”

Goold Estates is a commercial property, investment and development company based in Oldbury, near Birmingham, specialising in office and industrial redevelopment and asset management across the West Midlands.

The purchase of the Spring Road units was a deal with former owner London and Oriental Properties, part-funded by Handelsbanken.

Goold Estates now owns and manages a million square feet of space at multi-let industrial and trading estates across the West Midlands, with voids of less than 1% across the portfolio.

The deal follows Goold Estates recent completion of the Steel Park development at Wednesfield, where a hat-trick of deals at the end of 2018 saw all six industrial units snapped up by businesses relocating or expanding.

Commercial property specialist Bulleys brokered the deal.