An industrial property in Coventry has sold for an asking price of £1.595 million – and proves confidence in the market is still high in the city.
The 15,673 sq ft premises in Torrington Avenue was bought by an expanding company within the city, which will own and occupy the unit with a view to consolidating its position as one of the country’s leading suppliers of cast iron radiators.
Chris Hobday, Associate at Holt Commercial, acted on the sale of the freehold unit and said there was strong demand for industrial properties of this kind in the region.
He said: “There is still a shortage of good quality industrial premises across the area which means interest and demand in units such as this remains strong and in turn prices as seen here are being pushed upwards
“In this instance, it was a rare opportunity for a company to acquire the freehold interest in a detached industrial property complete with sizeable yard which made it a very attractive proposition.
“It was refreshing to see both the vendor and the purchaser taking a pragmatic approach to the transaction and this helped to ensure a swift conclusion to the deal as we originally set out to deliver.
“The rate per square foot represents an excellent price and, again, underlines the demand for this kind of property when it is available for sale.
“We’d advise any individual or organisation looking to sell an industrial unit in the city to make the most of our expertise and experience in this sector in order to deliver the best value for them.”