Distribution unit sold in £8.5m deal

A huge distribution unit in Coventry has been sold in an £8.5m deal.

Godiva 170, a 171,513 sq ft unit at Blue Ribbon Park off the A444, has been sold by property agency Fisher German to Oxenwood Real Estate, a London-based property investor which has a growing portfolio of real estate assets across the UK and Europe.

The building is a large logistics warehouse and is Oxenwood’s first purchase in Coventry.

The company intends to complete a full refurbishment of the property before placing it on the market to let.

Stewart Little, co-founder of Oxenwood, said: “Godiva 170 is an excellent value-add opportunity. It is well located in an area where logistics demand is strong and we believe will be attractive to occupiers.

“The refurbishment plans are well underway, and we expect to start working on site in early 2019 with the building ready to let in May.”

Rob Champion, of Fisher German, added: “We had very strong interest in the building from the moment it became available.

“The majority of this interest was from investors and owner occupiers wanting to buy given its first-class location, the limited availability of vacant freehold opportunities and the strength of demand for industrial and logistics assets generally.

“The building is located close to Coventry city centre and the M6 and therefore represents a very interesting opportunity for occupiers seeking good access to labour as well as key arterial routes in this part of the Midlands.”