New lease of life for Midlands industrial estate
AN INDUSTRIAL estate is set for a welcome injection of cash after it was bought up by a property investor.
The Arches, just west of Coventry city centre, has been acquired by Tony Harris, director of Ipswich-based Christchurch Property Company and who has lived in Coventry for the past eight years.
Mr Harris has purhcased both the land and the units for a “seven-figure sum” although he is staying tight lipped on the exact sale price.
He says he plans to give The Arches a revamp and has already intimated that this will not be his only purchase in the Coventry area.
“The estate really is a hive of activity and is well known in the city because of the diversity of businesses there which range from interior companies, to motor traders and a snooker club,” he said.
“But it has been starved of love and attention over the last decade or so and we hope to put that right in the coming months.
“Hopefully people will notice a quick improvement as well as some longer terms plans.
“I own more than 100 investment properties around the UK but have been looking over several months to expand the portfolio in Coventry area to include industrial property.
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“The old adage of location, location, location certainly applies in the case of The Arches. Hopefully, with a suitable level of investment, we will vastly improve its look and general environment which will attract more customers for existing firms and new businesses to the few units which are currently vacant.”
The Arches currently houses over 20 different businesses including a car dealers, pizza delivery, building trade suppliers and dentist.
The new ownership has been welcomed by John Hoddle of Gorgeous Interiors, who has been on the estate for more than 20 years.
“I think this is good news for tenants and our customers,” he said.
“The whole area needs some attention and Mr Harris has talked through his ideas with me and I think they will be widely welcomed.
“We benefit from a great location which is well known to many people…..that said, it does need improving and making more inviting.”
