A Coventry-based automotive supplier has secured new premises in Nuneaton for its main warehouse and distribution centre.
Park Sheet Metal has agreed a ten-year lease on a 34,869 sq ft unit on Harrington Way, Bermuda Park, with landlord Warmflame Developments. The rent is undisclosed.
Joint agents CBRE and Burbage Realty advised Warmflame Developments on the letting. Park Sheet Metal was unrepresented.
Established in 1947, Park Sheet Metal supplies metal components and assemblies, predominantly to the niche automotive sector. Customers include Aston Martin, Bentley, BMW and Jaguar Land Rover.
In July, the company announced that it had been acquired by private equity group Rubicon, with an eight-figure term loan and revolving credit facility from HSBC UK. Rubicon Partners, which specialises in industrial businesses, has bought the business from owner and managing director Stephen Payne.
Graham Penter, director of Park Sheet Metal, said: “As our business continues to grow, it has been a key priority for Park Sheet Metal to secure a high-quality facility to support our long-term plans.
“After much searching in this area, we are pleased to have secured this site, which will now become our main warehouse and distribution centre.”
Warmflame Developments acquired the unit from Milsco earlier this year, completing a full refurbishment of the property.
Paul Hodge, managing director of Warmflame Developments, said: “We went under offer on the unit and completed within four weeks, demonstrating our ability to move quickly using our balance sheet. We subsequently undertook a high-quality refurbishment to bring the building back up to institutional standard and see it through into its next operational cycle.
“We hope Park Sheet Metal will be happy in their new home.”
Craig Herrick from CBRE’s industrial team in Birmingham said: “Recognising a gap in the market in Nuneaton for good quality, mid-sized industrial units, Warmflame’s acquisition and refurbishment of the property has delivered a quick return with the letting to Park Sheet Metal.
“This was a strong deal for the local market and illustrates the appeal of high calibre accommodation in the area.”