Wolverhampton-based Nurton Developments is rejuvenating and rebranding a tired Telford industrial estate to fill a niche in the Shropshire town's property market.
The company recently bought the Kingsland Trading Estate, at Halesfield 9, from Warren James Investments, for £1.3 million, after identifying the Shropshire town as having an untapped source of potentially good-quality, refurbished, light industrial accommodation.
The three-acre site is just a few miles from Shifnal and the M54, giving access to the M6 at Junction 10a. It comprises some offices and 14 units, ranging in size from 2,000 sq ft to 15,000 sq ft.
Three units totalling 22,000 sq ft are unoccupied and will be refurbished first as part of a rolling, refurbishment programme, followed by others as they become vacant.
Tim Bradshaw, director at Nurton, said it was all part of a New Year makeover for the estate.
"Kingsland was built in the 1970s and is looking some-what tired. We are going to completely rebrand and give it a real identity, as we see Telford as a developing market and something of an untapped source," he added.
"There is a view in the property market that Telford is over-supplied, in terms of offices and industrial units, but that's not the case - we think that for relatively cheap, industrial space in the £3.50-£4 psf bracket, there is actually a lack of good-quality, refurbished accommodation."
He continued: "Halesfield 9 is in a location that people still want to occupy and is less expensive, so represents much better value for money than other areas.
"We are very interested in expanding our industrial portfolio in Telford and elsewhere and are actively seeking more purchasing opportunities in what we view to be a very exciting and profitable asset class."
Nurton has appointed two local agents; Anthony Wiggins, of Bulleys and Caroline Tudor, of Andrew Dixon & Co.
Mr Wiggins said: "We are d elighted to have been instructed by Nurton Developments, who we have worked successfully with many times in the West Midlands.
"Rents and capital values on smaller units in Telford are beginning to steadily improve once again, and this estate represents an opportunity for both landlord and tenant to work together, in creating a vibrant and cost-effective industrial estate in an area that is improving considerably.
"There are a great deal of frustrated owner occupiers, tenants and small investors who are keen to invest in small units." ..SUPL: