Watling Real Estate has successfully completed the sale of a vacant industrial and warehouse facility in Derbyshire for just under £2.5 million.
The property, extending to approximately 37,424 sq ft and located on Hartshorne Road, Swadlincote, was sold on behalf of the joint administrators of Greenbank Terotech Ltd, Lee Causer and Benjamin Peterson. The transaction exceeded the guide price of £2.2 million following strong interest from the market.
The purchaser, The Sycamore Avenue Company Ltd, a County Tyrone-based manufacturer of building products, acquired the property for owner-occupation.
Ben Holyhead, Associate Director at Watling Real Estate, commented:
“Despite ongoing economic challenges, the sale generated significant interest from occupiers and investors alike, underlining the continued demand for quality freehold industrial accommodation. The limited availability of comparable stock in established industrial locations created strong competitive tension, resulting in a sale price in excess of the guide and achieving over £65 per sq ft.
“We continue to see robust demand for well-located freehold industrial assets across the Midlands and beyond, particularly where opportunities exist for owner-occupiers seeking to secure long-term operational premises.”
The property became available following the administration of Greenbank Terotech Ltd, one of four Derbyshire-based engineering businesses within the group.
Established in 1954, the group specialised in engineering design, manufacturing, supply and installation services, serving sectors including bulk handling, power generation, energy from waste, rail, water and wastewater.
Browne Jacobson acted on behalf of the joint administrators, while Eversheds advised The Sycamore Avenue Company Ltd throughout the acquisition process.
