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London Build

25 Jun 2019

'4M deal completes for new trading estates

'4M deal completes for new trading estates

A trading estate which was speculatively developed by a West Midlands property company has been sold in a '4m deal.

A London-based private investor has acquired units two to four Steelpark Trading Estate, at Wednesfield near Wolverhampton, from development and investment company Goold Estates.'

The development of six units was completed last year.'Three units were sold to owner-occupiers with units two, three and four let to Smiths Metals, Zurich Insurance Group and Cooper Coated Coil.'

Dominic Goold, director of Goold Estates, said: "This deal is a great investment for the buyer.

"Steelpark is a high-quality development with good transport connections so we were confident that there would be strong demand from investors.

"We have demonstrated our ability to take a difficult site, which had been vacant for many years, through a planning, construction, and letting phase and on to the successful sale of the investment.'

"It is good to see our confidence in this speculative development repaid, with significant investment and new jobs also generated in the area. We are now looking for similar development opportunities in the region."

All six Steelpark units were let or sold within just a few months of construction reaching practical completion.'

Investment agent Adam Ramshaw, regional director of Lambert Smith Hampton in the Midlands, advised Goold Estates on the deal.

Source: Insider Media Limited

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