Newton Court on Pendeford Business Park now sees all 23,500 sq ft of its office space either sold or fully income producing, since KWB’s acquisition of the courtyard offices in Wolverhampton in November 2013, on behalf of Bridges Ventures.
In the past 15 months, KWB, together with joint commercial property agent Bulleys, has sold six of the office units, with another under offer. This means that all of the vacant or part-vacant office units that Bridges Ventures purchased have now been sold to owner occupiers or investors, including two units sold to existing tenants.
Occupiers at Newton Court include Buhlmann Rohr-Fittings, Inter County Communications, ATA Studios and Toyota Material Handling, the latter having renewed its existing lease with the unit sold to Wulstan Capital as an investment.
When KWB was originally instructed on the offices in Wolverhampton, Partner Nigel Tripp said of the investment: “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.”
Since then, the i54 development has opened and this most notably included the new £500 million Engine Manufacturing Centre for Jaguar Land Rover, which was opened by Her Majesty The Queen in October 2014. This section of i54 houses 1,400 jobs alone, and employment within the supply chain is expected to hit 5,500 jobs.
The remaining office units at Newton Court that were tenanted prior to Bridges Ventures’ acquisition and which are still let and income producing, will be sold in due course as and when the units become vacant, or as commercial property investments following re-gearing or renewing of existing leases.
To register interest in any office space available in the future, prospective occupiers and investors can contact Nigel Tripp directly on 0121 212 5981 or by email.