A former warehouse and transport depot in Longhope, Gloucestershire will be transformed into a business park following its sale to local investors, Dr Roger Head and Jim Ruddy.
Previously the home to Richard Read Transport, the site had been used as a warehouse and distribution site for more than 60 years.
Robert Smith at Bruton Knowles’ Gloucester office, who brokered the deal, said: “The former owners wish the purchasers every success for the future with their plans for the property.
“The site has huge potential and with Roger Head and Jim Ruddy at its helm, it has an exciting future ahead as a business park.”
Roger Head said: “We intend to start as soon as possible on what will be a multi-million pound refurbishment. We already own a number of industrial estates and are pleased to add this to our portfolio.”
To be renamed Longhope Business Park, the project is to be headed up by company director, Grant Ruddy who joins Head Ruddy Ltd after 15 years’ experience with Barnwood Construction.
Set in a prime location on the A4136, 14 miles from the M5 and seven miles from the M50, the site includes 70,000 sq ft of warehousing and industrial units and office space, along with large areas of hardstanding and parking. The new owners are also set to benefit from 5.32 acres of expansion land which already has outline planning consent for commercial uses. The site also includes a detached three storey, five-bedroom residential property.