Property group invests almost £2m in logistics warehouse
A warehousing and logistics unit in the heart of the UK’s distribution network has been acquired by a Coventry-based commercial property company in a near-£2m deal.
The Wigley Group, which owns and manages business and industrial parks across the Midlands, has invested around £1.8m to buy the 42,000 sq ft unit, which is on the Crick Industrial Estate, Eldon Way, adjacent to Junction 18 of the M1 at Crick in Northamptonshire.
The Wigley Group, which has refurbished the unit ready for leasing, said the unit was a significant addition to its Midlands portfolio.
James Davies, director at The Wigley Group, said: “We acquired the unit predominantly because of its location being immediately adjacent to J18 of the M1, and with its floor space and high eaves at just under eight metres, will be ideal for warehousing or logistics.
“We have refurbished the unit with plans to resurface the yard area, and believe it will be a very attractive proposition not just to large PLCs but also to medium-sized businesses particularly for distribution.”
Leamington law firm Wright Hassall acted for The Wigley Group in the freehold purchase of the unit.
James Richards, senior associate in the law firm’s real estate team, said: “This was a particularly challenging deal mainly due to a tight timescale which saw us manage to complete within six working days.
“It shows the appetite and demand for good quality industrial and logistics stock, and that opportunistic buyers and their teams can secure such stock at short notice to retain a competitive edge.”
The leasehold for the unit is now being marketed by commercial property agents Drake Commercial in Northampton.
Tom Drake, partner at Drake Commercial, said: “In a market that is starved of good quality stock, we expect a lot of interest in what is a rare opportunity to lease a newly refurbished building in the heart of the distribution network.
“There is likely to be potential interest from a range of logistics operators, including potential overspill requirements from those large scale occupiers located at Daventry International Rail Freight Terminal (DIRFT).”
