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Thursday, October 26, 2023

King Sturge completes £30m distribution unit deal at Coventry

King Sturge completed the sale on behalf of a private investment fund of a 285,000 sq ft distribution unit near Coventry Airport.

A major distribution unit near Coventry Airport has been snapped up by a private investment fund for £30m - highlighting the increasing significance of the airport in the wake of its proposed future growth.

The 285,000 ft² unit, along with 16 acres of expansion land is let to Unipart, the UK's largest independent supplier of car and truck parts.

Andrew Price, a partner in the Birmingham-based investment team of international property consultants King Sturge, who completed the sale on behalf of a private in-house fund, said: "The purchaser considered the location next to Coventry Airport as being of real long-term value. The purchaser had seen how Middlemarch had developed over recent years to become one of Coventry's premier business parks and believed that medium term prospects for further investment performance on such secure stock were also very good."

The deal is one of three major transactions involving the sale of over £50m worth of industrial units in the Midlands to have been completed by Mr Price during the last three months. "The disposals clearly indicate that investors still have a healthy appetite for acquiring properties offering well secured, long term industrial income," he said.

Mr Price added: "The King Sturge investment team has achieved an extremely successful first-half of its financial year and in addition to a further £80m worth of industrial property under offer we also have another £40m of property currently on the market. Achievements to date have been partly driven by our previous successes in buying for clients and we anticipate recording a healthy sales programme throughout the remainder of the year."


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