Worcestershire commercial property consultancy and Chartered Surveyors GJS Dillon has sold the freehold of a Bromsgrove industrial unit to a UK manufacturer of automotive lubricants, oils and additives.
Acting on behalf of a private client, Charlie Green, commercial negotiator at GJS Dillon, sold the freehold of 3 Warwick Court, Saxon Business Park, Hanbury Road, Stoke Prior, Bromsgrove, B60 4AD, a 2,965 sq ft warehouse unit to Voima UK Limited for £295,000.
Based in Birmingham, Voima produces a range of automotive engine oils, brake fluid and transmission gear oils.
The sale follows othe disposal by GJS Dillon of the freeholds of a further two similar sized units in Bromsgrove.
Charlie Green said: “We had enormous interest in this industrial unit, such is the desire for business owners and investors to purchase the freeholds of smaller industrial units. This is the case throughout the whole of Worcestershire as there is a real shortage of industrial units for sale, but Bromsgrove is a real hot spot.”
Worcestershire industrial and distribution property remains highly sought after with strong, consistent enquiry levels and good take-up across the county.
More than 180,000 sq ft of property was let or sold in the first quarter of 2018, following a take-up of 1.19 million square feet in 2017, according to John Dillon, Managing Director at Chartered Surveyors GJS Dillon.
“Q1 2018 was slightly quieter than Q4 2017, but this is the case in the first quarter of every year, and 2018 remains on track to emulate the 2017 figures. Enquiry levels in the first five months of the year are consistent with those of 2017,” says Mr Dillon.
“The Worcestershire industrial market remains strong with firms keen to grow in the county and to relocate here because of its excellent communications, flexible workforce, sought after lifestyle, and help on offer from the LEP and Worcestershire County Council.
“However, there is a continuing shortage of suitable premises, especially of smaller units, and we continue to look to developers to help rectify that situation.”
According to John, developers have reacted to the shortage of industrial property by starting to build new developments in the county. He says: “Availability of industrial property is better than it has been, and has recovered from a five year low in 2017, to just under two years of available stock of industrial units now in the county.
“Developments such as Worcester Six are clearly helping at the top end of the market which is looking for large units, while Hortons’ Vale Park in Evesham, Chase Commercial’s Ratio Park in Kidderminster and Crescent Trade Park in Redditch will provide some much needed smaller units. However, occupiers can still not always find the size of property in the location they want, especially if they want to buy their premises, so they must remain flexible if they want to continue to grow their business.”
Leasehold deals continued to outweigh freehold purchases considerably in the first quarter of 2018, both in terms of space and number of deals.