First sale complete at new Steelpark development
Developers of a new industrial estate in the Black Country have completed the first deal for a unit on the site.
The Steelpark Trading Estate in Wednesfield will eventually comprise six units, with space totalling 70,000 sq ft.
Walsall-based Goold Estates, which is developing the site, said the first property deal had seen Kinetrol, a manufacturer of rotary pneumatic actuators, purchase a 7,754 sq ft unit.
The terms of the deal have not been disclosed.
The unit will be used by Kinetrol’s Powerite division, which supplies valves, actuators and actuated valve assemblies. Goold Estates will carry out the fit out of the unit.
Steelpark Trading Estate is expected to create scores of new jobs for Wolverhampton when it is eventually complete. Construction began on site in the summer with the first units – which vary in size from 7,754 sq ft to 21,450 sq ft – available from December. The whole development is expected to reach practical completion in January 2018.
Dominic Goold, director of Goold Estates, said: “This is a high quality development, which has attracted lots of interest already.
“To be able to announce the first sale of a unit, before it has reached completion, highlights the potential this development offers. It is in an excellent location with great transport connections so we were confident there would be strong demand in the market for the units.”
John Nash, managing director of Kinetrol, said: “Our staff look forward to being in a new and desirable building which matches our ambitions for Powerite.”
Finance Birmingham arranged speculative development finance to help fund the project through the West Midlands Combined Authority Collective Investment Fund CIF.
Goold Estates has also reached completion on another acquisition at Aldridge Business Park. All nine units on the estate are now fully occupied following a programme of refurbishment, re-letting and re-gearing.
