Midlands industrial estate acquired for £2m by Goold Estates

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by Lin Freestone

Goold Estates, a Midlands-based management and development company, has acquired the 4.5-acres Cookley Wharf Industrial Estate in Brierley Hill for £2m.

It plans to substantially improve and modernise the site, and is confident that extra value can be added with its hands-on management approach and entrepreneurial flair.

The estate lies by the side of the Stourbridge Canal and contains 15 units, ranging from 4,000 to 50,000 sq ft, with a total of 125,000 sq ft. The sort of tenants attracted to the estate are in distribution and storage, engineering and the steel stockholding sectors.

A comprehensive refurbishment programme has started. The improvements planned include installing CCTV for added security and the upgrade of units.

The company acted quickly to secure the purchase, and raised the finance with its bankers HSBC. The deal was completed in just 28 days, and illustrates that there are still good opportunities to be grasped, even in the current economic climate.

Goold Estates has finance available for further purchases, and is always on the lookout for good value property to be acquired for the long-term.

The Walsall-based company manages, develops and leases commercial offices, shops, industrial and warehouse units in Walsall, the Black Country and Birmingham.

Goold’s property arm was launched in 1998. It has expanded rapidly and is committed directly to development projects with a value in excess of £75m.

Its own team manages its property, rather than using external agents, and the company is still looking for more opportunities in its catchment area.

Cookley Wharf was bought from Bridge Properties and Hampton Investments.