Piping specialist fights off competition for industrial freehold
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The freehold of a Kings Norton industrial unit has been sold for £520,000 as demand for warehousing across the Midlands continues to soar.
An unnamed piping specialist beat a number of potential buyers to secure the 7,400 sq ft unit on Ardath Road after agents Harris Lamb invited interested parties to submit best bids for the property.
Harris Lamb director Tom Morley said: “While there has been encouraging movement in terms of pending speculative development within the Midlands, the continuing lack of industrial property as a whole is leading to fierce competition from potential occupiers when it comes to securing those warehouses that are available.
“Freehold opportunities are especially rare, so we anticipated high enquiry levels about this particular property even before we placed it on the market.
“Located just four miles from both Junction 2 of the M42 and Birmingham City Centre, Unit 1 Ardath Road comprises of a warehouse with a 4m eaves height, a roller shutter loading door, two concertina loading doors, ground-floor office accommodation, and car parking to the front and side of the premises.
“In addition, part of the building is let to WTL, generating an income of £13,000 per annum. The business occupies a self-contained ground floor office with a mezzanine floor above, with its lease due to expire in May 2023, which in turn added a great deal more potential to the opportunity.
Morley added: “The successful purchaser supplies to a global marketplace and has a robust logistics network to support customers’ requirements, so the central location and specification of this opportunity was ideal for their needs.
“We are now looking to identify further opportunities to meet the pent-up demand from buyers for industrial property in the region, and are keen to hear from owners looking to capitalise on the that.”