Industrial estate changes hands in £10m deal
Regeneration firm Harworth Group has bought the 360,000 sq ft Thorns Road Industrial Estate, near Dudley, the West Midlands, from Xandor Automotive Brierley Hill, in a £10.1m deal.
Xandor Automotive has signed a new 15-year lease for around 240,000 sq ft of factory space it currently occupies, whilst also agreeing a short-term lease for an additional 15,000 sq ft unit. Xandor Automotive is a key manufacturer in the West Midlands, employing 230 people. It supplies plastic injection moulded components and fluid conveyance products for premium light vehicles, with customers in the automotive and commercial vehicle industry including JLR, Ford, Denso and Cummings Engineering.
The remaining 110,000 sq. ft unit is let to Sunrise Medical, a designer, manufacturer and distributor of mobility products, on a lease expiring in July 2022.
The site also includes 4.16 acres of open storage land.
Owen Michaelson, chief executive of Harworth, said: “Our strong financial position means we are well placed to complete high yielding income deals like this, which further improve the income generation and resilience of our portfolio, whilst also providing clear asset management opportunities to generate future value gains. This acquisition also supports our ongoing investment in the real estate that supports manufacturing in the West Midlands, underlining our firm commitment to building and strengthening the communities we work in.”
