Property developer snaps up Gloucestershire unit for nearly £4m

Developer Robert Hitchins has sold a newly built industrial unit in Stonehouse for over £3.7m.

Purchased by UK-based property developer Rushmire, the 22,523 sq ft unit at Stroudwater 13 is leased long-term to Loudspeaker Technology.

The sale wraps up the first phase of the £12m Stroudwater 13 development, which also saw Greiner Bio-One move into its new UK headquarters last year.

Mike Plimmer, senior development manager at Robert Hitchins said: “This is a fantastic milestone to reach and a testament to the great occupier and investment interest in new-build industrial warehousing in the area.

“Unit 1 is a highly prominent, modern and sustainable building that led to a strong regional company with international reach on a long-term lease which is a great investment product and we are delighted with the off-market sale to Rushmire Ltd. It’s been a fantastic effort by the whole team to bring forward this investment in Stonehouse from inception through land acquisition, planning, development, letting agreements and sale.”