West Bromwich Warehouse Premises SOLD to Hawthorn Trading Company
Task
Freehold or Leasehold Disposal - Advice on value, marketing strategy, and negotiations
To identify a suitable long term tenant or purchaser of the Industrial / Warehouse building following the administration of the tenant company which was in occupation.
Upon behalf of a private client, White Rose Chartered Surveyors were tasked to dispose of the vacant premises upon the best terms available in the market place.
Measuring in at 46,030 sq ft (4,276 sq m), the property has an excellent eaves height of 7.6m and three 5 ton overhead travelling cranes. Accessed via four roller shutter doors, the property also benefits from a substantial loading and parking area situated on a site in excess of 1.7 Acres.
The site and premises form part of the Dudley/Sandwell Business Park network and are located at the front of the Oldbury Road Industrial Estate at Oldbury Road, close to where it meets West Bromwich Street. Within about ¾ mile of Sandwell and Dudley railway station, one mile from West Bromwich town centre, and only about ½ mile from Oldbury Ringway (A4034), which has direct access to the M5 Motorway at Junction 2, being about 1½ miles distant. The M5 Motorway Junction 1 is a similar distance, via Kelvin Way (A4182) and then Kendrick Way (A4252).
Benefiting from a substantial loading yard and parking area, the single-storey warehouse building is approached from four electrically operated roller shutter doors and comprises a steel portal framed unit in four bays, with brick and lined corrugated asbestos cladding and incorporating translucent roof panels.
Approach
Following an initial meeting on site with the owners, expert advice was then provided on the status of the market, disposal options, rental and freehold values, together with our recommendations on appropriate marketing approach and strategy.
After a period of marketing, interest in the property was received and numerous inspections were undertaken. Negotiations then began with the applicants who expressed the most serious interest in the property.
Once terms had been agreed between the parties White Rose then
Outcome
The property was sold to Hawthorn Holdings Ltd, for a price of £1.68million.
The steel processing and manufacturing company, currently operating from units in Smethwick and Wednesbury, purchased the 46,030 sq ft, high bay building as part of their ongoing investment and growth plans.
HTC has been a leading Steel Stockholder since the 1980s and has become a well respected name within the sector.