A prime industrial unit for warehousing and logistics, located in the heart of the nation’s distribution network has been acquired by a leading Midlands commercial property company.
The Wigley Group, which owns and manages business and industrial parks across the Midlands, has invested around £1.8 million to buy the 42,000 sq ft unit adjacent to J18 of the M1 at Crick in Northamptonshire.
Law firm Wright Hassall acted for The Wigley Group in the freehold purchase of the unit on the Crick Industrial Estate, Eldon Way.
The Wigley Group, which also provides services relating to commercial property, construction and risk from its headquarters in Coventry, has refurbished the unit ready for leasing.
James Davies, director at The Wigley Group, said: “This is a significant purchase for The Wigley Group and a fantastic addition to our growing portfolio of commercial property.
“We acquired the unit predominantly because of its location being immediately adjacent to J18 of the M1, and with its floor space and high eaves at just under eight metres, will be ideal for warehousing or logistics.
“We have refurbished the unit with plans to resurface the yard area, and believe it will be a very attractive proposition not just to large PLCs but also to medium-sized businesses particularly for distribution.”
James Richards, senior associate in the real estate team at Leamington-based Wright Hassall, said: “This was a particularly challenging deal mainly due to a tight timescale which saw us manage to complete within six working days.
“It shows the appetite and demand for good quality industrial and logistics stock, and that opportunistic buyers and their teams can secure such stock at short notice to retain a competitive edge.
“We have a long-standing relationship with The Wigley Group and were pleased to be able to support them with this latest acquisition.”
The leasehold for the unit is now being marketed by commercial property agents Drake Commercial in Northampton.
Tom Drake, partner at Drake Commercial, said: “The key attraction of this unit is that it is located right on J18 of the M1 that serves not only existing occupiers in Northampton but also Rugby and the wider West Midlands.
“In a market that is starved of good quality stock, we expect a lot of interest in what is a rare opportunity to lease a newly refurbished building in the heart of the distribution network.
“There is likely to be potential interest from a range of logistics operators, including potential overspill requirements from those large scale occupiers located at Daventry International Rail Freight Terminal (DIRFT).”