Midlands-based Goold Estates has seen its investment in a Black Country industrial estate pay dividends after more than doubling its income only 12 months after acquisition.
The company showed its confidence in a challenging market when it bought the four-and-a-half acre Cookley Wharf Industrial Estate in Brierley Hill last year and embarked on a comprehensive improvement scheme.
The estate sits alongside the Stourbridge Canal and particularly attracts tenants in the distribution and storage, engineering and steel stockholding sectors.
It has recently completed a trio of lettings at the site which leaves only two of the 15 units there available to let.
One of the first tenants on the new-look site, Rimara Ltd, has taken an additional 27,000 sq ft to bring its total space to 50,000 sq ft.
The business produces colour-coated steel for the construction and general engineering industries and needed factory space to accommodate a 100-metre production line.
It also chose the estate because of its accessibility to the M5.
Robuck Manufacturing and PC Upholstery are new to Cookley Wharf and have each taken 4,000 sq units.
New venture Robuck, which employs eight people, is a solid surface fabricator making a range of products from kitchen worktops to hotel reception desk counters.
Sales director Steve Nock said: “The unit was just what we wanted; we liked the location and the estate’s security.
“Our customers are in the marine industry, commercial and domestic sectors, and with our experience and ability to provide niche, bespoke products we believe we can do well here.”
Dominic Goold, managing director of Goold Estates, said: “The latest lettings are further evidence that our faith in Cookley Wharf was justified.
“We have more than doubled the income from £115,000 per annum to £235,000 in the 12 months since we bought the estate in pretty challenging times for commercial property.
“The estate is in a good location with units at attractive rents.
“We have invested in substantial improvements by refurbishing units, installing round-the-clock monitored CCTV, security lighting and gates and we have provided an on-site caretaker.
“We could see the estate’s potential and had confidence that we could add extra value with our hands-on management approach and entrepreneurial flair.”
The two remaining units on the estate are available from £2.50 per sq ft.
Walsall-based Goold Estates manages, develops and leases commercial offices, shops, industrial and warehouse units in the West Midlands. It is looking for more opportunities within its catchment area.