Major warehouse sold by administrators in £8m deal

A warehouse belonging to collapsed haulage firm Knights of Old has been sold in a deal worth almost £8m.

Watling Real Estate has sold the warehousing and distribution hub at Kettering Venture Park to a US-based investor for £7.9m.

Watling Real Estate secured a sale of the property on behalf of Rajnesh Mittal and Philip Armstrong of FRP Advisory, who were appointed as administrators of Knights of Old Ltd in September 2023.

The property has been acquired by Cabot Properties, a US-based conglomerate which invests in and develops logistics sites across the globe.

The two freehold units at 2300 & 2350 Kettering Venture Park total 118,337 sq ft.

Ben Holyhead, an associate in the Birmingham office of Watling Real Estate, said: “We received considerable interest in the property from all segments of the market, including occupiers, investors and developers. The property’s strategic location and excellent distribution specification made it an attractive proposition.

“We are pleased to have secured a strong price for the property for the benefit of the administration.”

The administrators were advised by law firm Gateley Legal and Mayer Brown and Savills acted for Cabot Properties.