Goold Estates acquires distribution park

Goold Estates has significantly increased the size of its property portfolio with the multi-million pound purchase of an industrial and warehouse distribution park in the West Midlands.

Totaling 457,000 sq ft, units 1-7 Spring Road in Ettingshall, Wolverhampton, have been acquired from London and Oriental Properties for an undisclosed sum in an off-market deal, the company announced today.

Spring Road has seven industrial and distribution units all let to a single tenant – chilled and ambient food distribution specialist Great Bear Distribution, part of Culina Logistics Group. Units range from 33,400 sq ft to 86,505 sq ft. 

Goold Estates is a commercial property, investment and development company based in Oldbury, near Birmingham, specialising in office and industrial redevelopment and asset management across the West Midlands. 

Managing director Dominic Goold said the deal demonstrates the company’s ability and commitment to invest in high quality industrial/logistics sites in the region.

Dominic said: “This is a tremendous deal for us and is a key part of our strategic business plan. Spring Road represented a great opportunity to acquire an excellent site in a fantastic location. The industrial and logistics sector is strong and this site is in a first class location, being near the motorway network.”

He added: “I am delighted to have made this high quality strategic purchase and we are looking forward to working closely with the occupier. We are committed to growing our business further and we are actively looking for opportunities of a similar calibre.”

The deal, part-funded by Handelsbanken, means that Goold Estates owns and manages a million square feet of space at multi-let industrial and trading estates across the West Midlands, with voids of less than 1% across the portfolio. The seven Spring Road units each have parking, service yards, loading bays, and a mix of level access and dock levelers. Each building has separate access and servicing arrangements.

Goold Estates recently completed the Steel Park development at Wednesfield. A hat-trick of deals completed towards the end of 2018 means that all six industrial units have been snapped up by businesses relocating or expanding their operations. 

Offices transformed into £15 million apartments

A new £15 million development of 63 high quality apartments - and a new restaurant - in the centre of Sutton Coldfield, Birmingham, has been unveiled.

The Knights House development, at The Parade, includes 12 luxurious penthouse apartments in a two-storey roof extension, with impressive views extending for miles over the town and the nearby Sutton Park.

Joint venture partners Key Land Developments and Urban Village have completed phase one of the conversion of the dilapidated former office building. Phase two is expected to be completed in July 2019. There are 28 apartments in phase one and 35 in phase two.

The development will include a small office suite and a new restaurant, Key Land Developments confirmed today. 

Kevin Sharkey, head of of Key Land Developments, said: “Knight’s House is a fantastic, high quality development which is bringing new life to a tired old building. It’s hugely satisfying to see what were vacant and dilapidated offices transformed into dozens of exciting new homes right in the heart of Sutton Coldfield town centre.

“Investors have already reserved a numberof apartments and we expect the remaining apartments to be very popular with young professionals, first time buyers and landlords as they offer excellent quality in a location which is just a two-minute walk to the train station. Commuters can be in Birmingham city centre in around 20 minutes on the cross-city line.”

He added: “The original building had seven floors and we have extended it with the addition of two storeys on the roof to accommodate the penthouse apartments. They really are something special and unique in the Sutton Coldfield market.

“Knights House represents another exciting joint venture with Urban Village and we are looking forward to working together with themto deliver further exciting residential developments in the region.”

Floors one to seven each have six two-bedroom apartments and a single one-bedroom apartment. The 12 penthouses all have two bedrooms. Prices range from £180,000 to £300,000. 

The apartments will be officially unveiled with a launch event on February 22. For more information please contact agents Connells on 0121 354 4481, or email suttoncoldfield@connells.co.uk. 

Key Land Developments is delivering residential projects worth more than £40 million across the West Midlands.

Ambitious MCS Group explores potential acquisitions

Leading main contractor MCS Group announced at MIPIM that it is exploring potential merger and acquisition opportunities as it confirmed it has already secured contracts worth more than £120 million for 2019.

The ambitious West Midlands-based construction contractor is continuing to grow its presence in the buoyant industrial and logistics sector and has been appointed to deliver several multi-million-pound projects this year.

Speaking at MIPIM – the international real estate conference in Cannes, France - managing director Keir Edmonds said the company would be exploring opportunities to diversify into new sectors. MCS Group directors are attending the event and are researching companies that excel in specific sectors. 

Keir said: “We’re attending MIPIM to link in with potential new clients, but we’re also looking at new opportunities to facilitate our future growth, which may include a merger or acquisition. 

“We have clearly demonstrated that we know how to scale up and run a business successfully in the construction sector, and we know we have all the right processes and management team in place. It’s an exciting stage in our development and we are very clear about the kind of opportunity and sector we are interested in.” 

He added: “We’ve had a great couple of years as we’ve followed our strategic business plan and gained a greater foothold in the buoyant industrial and warehouse sector. We’re quietly confident about this year and we’re already looking further ahead and can see continued significant but stable growth.”

MCS Group expects turnover to reach more than £150 million in 2019, up from £110 million in 2018 and almost double 2017’s figure. Profits remain on track to repeat 2016/17 levels of circa 5.0%. Jobs will be created, taking the workforce to over 75.

The company is at MIPIM – the world’s largest property development and investment show – as a member of the Coventry & Warwickshire MIPIM Partnership, which is made up of around 20 private sector companies and organisations who promote the area’s presence at the four-day event as part of the UK Midlands delegation.

Barberry reveals £295 million industrial pipeline

Commercial property investor and developer Barberry Group has smashed through the milestone figure of two million sq ft of industrial and warehouse developments in the pipeline, the company revealed at MIPIM.

The Gross Development Value (GDV) of the 2.4 million sq ft of schemes the company is bringing forward is more than £295 million, according to development director Jon Robinson. 

Barberry is also delivering student accommodation and residential schemes worth in excess of £200 million and has 528 acres of strategic development land, with a development land value of £262 million, across 11 sites under its control.

The latest of Barberry’s many developments – a proposed £10 million speculative development of a 72,000 sq ft warehouse unit at the site of a former DIY store in Northamptonshire - has taken a step forward. Barberry has submitted a planning application to Daventry District Council for the prominent 3.5-acre site at Sopwith Way, Daventry. The application is due to be determined next month.

Barberry’s speculatively developed 65,000 sq ft industrial unit at Birmingham’s Advanced Manufacturing Hub (AMH) was recently acquired by one of the UK’s leading institutional investors, M&G Real Estate. Barberry 65, a prime distribution unit, has been let to Mayflex UK Ltd on a 10-year lease.

Speaking at MIPIM, – the world’s biggest property development and investment show in Cannes –Barberry group director Henry Bellfield said: “Delivery of the significant development and land pipeline under Barberry Group control and ownership is driving our business forward, with a focus on the key growth sectors of beds and sheds.

“We are planning to continue to invest in all areas of our business, from people to our property investment portfolio, and our existing development pipeline, plus we remain selectively acquisitive for further properties and sites.”

Barberry development director Jon Robinson said: “Birmingham and the West Midlands are not alone in being in dire need of more high quality industrial accommodation and so we are researching opportunities across the UK. 

“Barberry has developments coming forward in Daventry, Durham, Wolverhampton, Bristol, Luton, Coventry and Cannock. We currently have an industrial/logistics pipeline of more than 2.4 million sq ft on sites either consented or in planning.

“We have worked hard and invested heavily to create a Barberry brand in the industrial/logistics market providing high quality buildings to an institutional specification and it is hugely satisfying to know that investors recognise the quality of our developments, as the sale of Barberry 65 to M&G Real Estate, widely recognised as one of the UK’s leading institutional investors, clearly demonstrates.”

Prosperous new year as MCS Group targets £150m

A £40 million increase in turnover in 2019 is being targeted by ambitious West Midlands construction contractor MCS Group as it continues to grow its presence in the buoyant industrial and logistics sector.

The company expects turnover to reach £150 million, up from £110 million in 2018 and almost double 2017’s figure. Profits remain on track to repeat 2016/17 levels of circa 5.0%. New jobs will be created, taking the workforce up to over 75.

MCS Group is currently constructing several warehouse units at sites including Bristol, Kettering and Ipswich, and has recently reached practical completion on projects in Milton Keynes and Lutterworth. 

Managing director Keir Edmonds said: “We’ve had a great couple of years as we’ve followed our strategic business plan and gained a greater foothold in the buoyant industrial and warehouse sector.

“In 2019, around 70% of our work will be in that sector involving projects around the country, not just in the Midlands. Secured workload for this year is already at over £100 million and we’re only in January, so we’re quietly confident about the year ahead. Our two-year plan, P20, sets a target of £200million turnover by the end of the 2020 financial year. We’re already looking further ahead and can see continued significant but stable growth.”

The company, currently based at Claverdon in Warwickshire, has started constructing a new 8,500 sq ft office headquarters at a site in Haywood Road, Warwick, in a £2.5 million investment. 

Green light for Barberry’s £6m warehouse

Leading commercial property developer Barberry Developments has gained planning consent to deliver a 55,575 sq ft speculatively built industrial/warehouse unit in Wolverhampton.

The proposed £6 million development is on a circa 3.5-acre site acquired by Barberry from ASSAABLOY, a major employer in the city, for an undisclosed sum.

The development will be highly specified Grade A building with 10-metre eaves, 2,965 sq ft of internal offices, 45 car parking spaces and 50-metre yard depths, with dock and level access loading provision.

Barberry Developments’ planning application was approved unanimously by the City of Wolverhampton Council’s planning committee. Construction could begin in Q2 2019 with practical completion in Q4 2019 

The scheme, at Well Lane, demonstrates Barberry Developments’ continued investment in the region. It will create significant job opportunities and help to address the shortage of new industrial accommodation in the West Midlands.

Jon Robinson, development director at West Midlands-based Barberry Developments, said: “We are excited about creating a new, high quality industrial and logistics development in Wolverhampton.

“We have seen significant occupier demand for new industrial/warehouse units of this size and specification, which has led us to pursue this planning application.

“Our Well Lane scheme complements other projects we have delivered within the region where we have created best in class, Grade A buildings. Our investment within Wolverhampton will generate around 120 jobs, making a significant contribution to the local economy.”

Adrian Hickman, of ASSAABLOY, said: “It’s exciting to see Barberry Developments make progress with the planning application and we look forward to seeing a high specification, Grade A, industrial unit delivered at what is a prime logistics location.”