A Birmingham property firm has acquired a site in Fazeley, Tamworth, which is home to an historic mill.
Tolson’s Mill is the centrepiece of the 2.5 acre site, which is bordered by the A5 and the Birmingham and Fazeley canal.
The Grade II listed five-storey mill was built around 1880 and is subject to tight planning restrictions. Ashfield Land won the race to buy the site after successfully lodging an undisclosed cash bid and completing the deal in just ten days.
Until recently it was owned and operated by the Tolson family, who used it to produce the traditional tape used to bind legal documents.The mill is still used for this purpose today. The remainder of the site – formerly owned by William Tolson Holdings – is made up of offices, workshops and stores, and in total there are more than 20 occupiers in situ.
Nick Jones, a director of the company, said: "There were a lot of parties interested in this very attractive site, but as an aggressive cash purchaser we were able to beat off other bids.
"We have earmarked the site for future redevelopment, and this is likely to be a mixture of residential and commercial uses.
"We will now be opening discussions with the local planning authority about the site, which is in an important conservation area. Our proposals will undoubtedly give the mill a new lease of life.
"The speed of the transaction has demonstrated our ability to acquire property unconditionally, on the right terms, in a short timescale."
Ashfield Land is developing several sites in Birmingham and the Black Country, and has also just completed the #120,000 acquisition of a 12 acre parcel of land near Andover, Hampshire.
The land, in the village of Fyfield, was formerly a racing stables owned by the Queen’s ex-trainer, Toby Balding.
The land has been bought with long term redevelopment in mind, although no discussions have yet taken place with the local planning authority.
Mr Jones added that the Ashfield Land had several other schemes in solicitors’ hands, including a funding package for a new residential development in Staffordshire.