A property company has completed the off-market acquisition of a 50,000 sq ft industrial estate in Staffordshire.
Sandyford Properties has taken on the Riverside Industrial Estate, off Power Station Road, in Rugeley.
The site – which boasts 24 units – has been under private ownership for 29 years, but it was acquired by Sandyford as part of its long-term growth plans for the area.
Following the deal, the company plans to invest in improvements across the site including updating the appearance of the estate.
James Lewis of Sandyford Properties said: “Riverside is an excellent addition to our portfolio. The estate offers functional workspace at affordable rents and is let to a wide range of local occupiers. This is our second acquisition in 2021 and we hope there will be more to follow.”
Sandyford Properties lease commercial properties across Stoke-on-Trent, Staffordshire and Cheshire and offers a property maintenance service from its base in Hanley, Stoke-on-Trent.
The Riverside Industrial Estate deal follows the company’s acquisition of the Saltney-based assets of Brymau Estates, including four industrial parks and two flexible workspace sites which amount to more than 230,000 sq ft and accommodate more than 90 occupiers.
It also comes after Sandyford Properties sold the Newfield Industrial Estate, in Tunstall, to Network Space after 21 years of ownership in a deal worth £6.7 million.