Latest deals at Kingston
Lichfield based commercial property consultants Kingston CPC has recently completed a number of property deals in what continues to be an improving – albeit patchy – commercial property market.
The re-letting of one of the three high quality office buildings at Lichfield South (15,000 sq.ft.) has been matched by the completion of the sale of the Glynwed Pipe Systems number 2 site at Norton Canes. This industrial complex comprised a total of 46,000 sq.ft. on a site of 1.5 acres and has been bought by Shenstone based Autosmart. At the same time Glynwed’s number 3 site close by amounting to 35,600 sq.ft. is also under offer.
On the investment front Kingston has recently negotiated the sale of 1-4 Prospect Drive in Lichfield on behalf of a private investor. The four units totalling 24,311 sq.ft. are fully let to Screfix, Nationwide Auto Centres and Howden Joinery. The investment income of £134,250 per annum sold at a yield of 8.7% (after purchasers costs).
At the same time as achieving a rush of sales and lettings, Kingston is also bringing new properties to the market. Acting on behalf of asset managers F&C Reit – and having let it’s Eagle warehouse at Fradley Park (104,000 sq.ft.), Kingston is now instructed jointly with GVA to re-let the Falcon warehouse of 102,000 sq.ft. Kingston is also acting for Briggs Equipment UK Ltd to find occupiers for its 58,500 sq.ft. facility at Warrington, and its 55,300 sq.ft. property at Cygnus Park in the Black County – both modern purpose built high quality industrial/warehousing buildings
Andrew Buckman of Kingston comments “it is pleasing to see a lot of hard work put in over the last year bearing fruit, as the commercial property market starts to recover in certain key areas. It is hoped that this continues and we start to see the return to speculative development - which has been substantially missing from the industrial and office markets for the last 4 – 5 years. Certainly the resurgence of the automotive market in the West Midlands is proving to be a hugh shot in the arm of manufactures, supply chains and the logistics market. The down side is that the High Street retail continues to suffer in many towns and cities across the region”.