Folkes Properties Ltd has successfully negotiated a deal which will see Solus London Ltd, part of the Aviva Group, take a ten-year lease at Britannia Park in Wednesbury.
The deal is a three-way arrangement and has enabled Solus to take over the 25,000 sq ft unit formerly occupied by Renault Retail Group as their Vehicle Accident Repair Centre.
When Folkes heard there was a company looking for a unit in the same area for the same use, the two parties were put together.
As a result of the deal, Solus acquired the in situ plant and machinery including spray booths and ovens from Renault.
Andrew Parker, director of Folkes Properties, said: “This deal was one that simply had to be done because there was something in it for everyone and we were delighted to have been able to complete the deal.
“Folkes had continuity of occupation, Renault did not have to reinstate the unit and Solus had a ready-made Accident Repair Centre.
“This, combined with another letting to Fujitsu at the end of last year, shows there is demand for better quality units, particularly at a time when there are fewer units of this type being developed.”