Warehouse units change hands in £4m property deal

TWO commercial warehouse sites in Wolverhampton have been sold in deals worth a combined £4.1m.

Property firm Harris Lamb, which completed the sales, said the deals demonstrated the continuing strong demand for industrial stock within the region.

The sales have seen wholesaler Absolute Apparel and Building & Plumbing Supplies (BPS) each take manufacturing and distribution facilities at the Racecourse Road Industrial Estate.

Following the relocation of former tenant, Caterpillar UK, landlords of the 110,000 sq ft and 40,000 sq ft warehouses put the properties on the market.

Absolute Apparel met close to the asking price of £3m, while BPS purchased its unit for £1.1m.

Neil Slade, director of Harris Lamb’s Agency team, who oversaw both sales said: “We were instructed to dispose of both of these premises on behalf of two separate property company clients.

“We had a great deal of interest in both sites, and went to a competitive bids process on each property with both completing within the same week.”
 
Founded in 2005, Absolute Apparel is a major importer and wholesaler to the imprint and corporate markets. Its new facility reflects the company’s continued growth and need to further expand its operations.
 
Established in 1934, Building & Plumbing Supplies is an independent builders merchants serving the Warwickshire, Gloucestershire and Worcestershire areas.
 
“This is a great coup for the region as it will see many jobs secured at the site following the move of Caterpillar UK. We have previously discussed the demand for industrial stock within the Black Country and these deals are further proof of that need,” added Mr Slade.

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