It’s been a busy couple of months for the commercial property market in Staffordshire.
In March, we saw a community chemist in Stoke-on-Trent sold to a pharmacy group and a host of new occupiers sign up for units at Cannock Gateway Retail Park and Albion Gateway, in Burton-on-Trent.
And this month a huge industrial estate in Stoke-on-Trent was sold off in a £6.7m deal.
Meanwhile Alextra Accountants relocated to a new premises in Newcastle-under-Lyme and Beswicks Legal is preparing to move into a new office in Stoke later this month.
Here we take a look at some of the latest property deals in North Staffordshire.
Stoke-on-Trent businessman expands property portfolio with new trade counter scheme
Businessman Mo Iqbal has expanded his commercial property portfolio after acquiring a new trade counter scheme in Stoke-on-Trent.
Mo – who runs Tile Mountain– has taken ownership of a brand new 20,000 sq ft speculatively-built development close to his company’s headquarters off Brownhills Road in Tunstall.
It marks another significant deal between the private investor and landowner and developer, Clowes Developments.
In 2017, Stoke-on-Trent-born Mo bought a purpose-built head office facility for Tile Mountain covering 120,000 sq ft.
Since then, his daughter Shamila Iqbal has purchased a neighbouring 90,000 sq ft building for her company, Bathroom Mountain.
Mo said: “It’s been a pleasure to work with Clowes Developments on another exemplary property deal.
“The units will complement our property portfolio nicely and allows us to embrace ongoing commercial opportunities. The units were purchased to house a showroom for Bathroom Mountain and new venture, Flooring Mountain. “
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The Highgate terrace units were built by Clowes Developments for storage, distribution, manufacture or trade counter use.
They range in size from 4,400 to 5,250 sq ft and are located at the side and to the front of the large buildings occupied by Bathroom Mountain and Tile Mountain.
Marc Freeman, director at Clowes Developments, said: “We’ve enjoyed a very good working relationship with Mo Iqbal over recent years and wish him all the best with his most recent acquisition.”
The deal comes just six months after Clowes Developments sold its Tunstall Trade Park scheme to industrial property company Stenprop in a £6 million deal.
It also follows the sale of the Daniel Platts Business Park scheme – which is made up of 12 industrial units – to Stoke-on-Trent City Council last year.
The Derbyshire-based company is now looking to submit a planning application to the city council to build a 175,000 sq ft warehouse on an undeveloped, 10-acre site on Canal Lane in Tunstall before the end of the month.
Former Avnet distribution centre snapped up by independent property firm
A distribution centre which formerly belonged to global technology solutions business Avnet has been snapped up by an independent property company.
The former Avnet unit on Lymedale Business Park, in Newcastle-under-Lyme, has been bought by Hortons’ Estate Ltd for an undisclosed sum.
Now the family-owned business plans to refurbish the 67,828 sq ft unit – which is close to other major occupiers including TK Maxx, New Look and Asda – and find a new tenant.
Jeremy Boothroyd, management surveyor at Hortons’ said: “We are pleased to have acquired a building in such a prominent location, which adds to our growing property portfolio.
“We are also delighted to have secured an investment in a sector that has continued to perform strongly throughout the challenges of the last 12 months.”
He added: “Lymedale Business Park is a popular destination for occupiers, given its close proximity to the regional and national motorway networks. Work will now commence on the refurbishment of the building to modern standards, including removal of the existing mezzanine floors to appeal to occupiers.”
Avnet announced plans to shut the Dalewood Road warehouse in June last year due to ‘uncertainties around Brexit’. It has since moved its UK operation to one of its existing sites in Tongeren, Belgium.
David Smeeton, director of Smeeton and Dixon Consultancy advised Hortons’ on the acquisition.
He said: “We are delighted to have represented Hortons’ on the acquisition of this high quality warehouse unit, which provides an excellent ‘value add’ opportunity.”
Avnet was represented by Cushman & Wakefield.
Major Stoke-on-Trent retail park sold in £8m deal
A major Stoke-on-Trent retail park has been sold off in a multi-million pound deal.
Springfields Retail Park, in Trent Vale, has been acquired by independent property company Glenbrook Investments for £8 million.
The 70,000 sq ft site is currently home to B&M, Food Warehouse, Pets at Home, Halfords and McDonald’s.
Plans have also been approved for a new KFC drive-thru at the traffic-plagued retail park.
Scott Griffiths, investment manager at Manchester-based Glenbrook, said: “Springfields Retail Park benefits from both prominence and convenience, with a complementary line-up of successful retailers perfectly aligned to the needs of its catchment.
!Amongst other attractive features, the scheme offers a low average rent providing affordability, downside protection and a solid platform from which to grow rents as the market recovers.
“We have a clear asset management strategy and we will now be implementing this to improve the performance of the scheme for the benefit of shoppers and the tenants, with a view to maximising the scheme’s potential.”
Petch & Co, Black Cat, Delta Simons and Brabners acted for Glenbrook Investments on the deal.