KWB acquires 23,500 sq ft of offices in Wolverhampton close to i54
Newton Court offices in Wolverhampton comprise thirteen self-contained office units arranged in two terraces with individual office buildings available from 1,160 sq ft up to 2,203 sq ft, with further scope to combine units up to 3,200 sq ft.
With nine of the office units currently income producing, Bridges Ventures, which has a reputation for regeneration and encouragement of the growth of SMEs within the Midlands, will refurbish the units as required before selling them to owner occupiers or investors.
Nigel Tripp, Partner at KWB office property specialists, commented: “Clearly part of the motivation to buy Newton Court on Pendeford Office Park is its proximity to the new i54 development, literally just up the road.
“With major occupiers such as Jaguar Land Rover, Moog and Eurofins all due to be located on this site, we anticipate demand being generated from their supply chain with businesses wanting to be located close by.”
The i54 development also brings significant improvements to local infrastructure with road improvement works on the Wobaston Road, which leads directly to Pendeford Office Park, as well as a new island intersection and sliproad off the M54 at Junction 2.
Nigel Tripp added: “No property developer is going to be building small, own front door offices for quite a while, which also makes this investment opportunity so attractive. This is the third office space acquisition we have made for Bridges Ventures, following Elmbridge Court offices in Gloucestershire last year, and 50-54 St Pauls offices in Birmingham just recently.
“We are delighted with the purchase, which not only has an existing income but also four office units available to sell immediately. Current tenants will be able to purchase their own offices and we will have the opportunity to make small, bite-size office investments available for sale. These will be ideal for SIPPs.””
KWB, who has successfully marketed similar courtyard office schemes on Pendeford Office Park in the past – Pendeford Place and Nightingale Place – has been retained to market the courtyard offices together with Bulleys commercial property agents. Marketing details for Newton Court offices for sale in Wolverhampton will be available shortly. However in the meantime, prospective occupiers and investors can contact Nigel Tripp directly on 0121 212 5981 or by email.