Birmingham-based commercial property agents, Siddall Jones, have completed another industrial property sale, reflecting the continuing demand for industrial accommodation within the city.
The 16,000 sq ft Kestrel House was acquired for £700,000 by independent property developer and investor Key Land Capital, who spoke with Residential People in October.
Explaining the decisions behind the purchase, Key Land Capital Co-Founder, Kevin Sharkey said: “Aston is an area we have previously invested in, and we see the site as offering a significant value add opportunity.
“We plan to develop the site to provide a number of new build high-quality new B1(c), B2, B8 smaller industrial units. We will be retaining part of the site, the unit on Aston Road, and refurbishing this to provide a new trade counter-warehouse unit.”
Also, commenting on the sale, Ed Siddall-Jones, Managing Director of Siddall Jones, said: “The sale reflects the continued demand for industrial accommodation within the city.
“The Kestrel House site benefits from excellent communication links being situated next to the A38(M) Aston Expressway and this will allow the purchaser to reconfigure the site to accommodate today’s modern warehouse and trade counter users.”
Located at 57-59 Aston Brook Street East, the three-storey, Kestrel House is the former headquarters of Hobday Ltd, which traded as e-shopfitting, wholesalers of shop fittings and sign equipment.
Originally built in 1900, the property comprises of a variety of buildings which have been acquired and adapted over time. It now includes a showroom, stores and offices and links to adjacent warehousing, workshops and outbuildings.
Stating their reasons for selling the premises, Hobday Ltd Director David Best commented: “We took the decision to sell the premises and contacted a number of commercial property agents operating in the Aston area, finally choosing Siddall Jones.
“Ed Siddall-Jones quickly identified the kind of buyer that would be interested in the property and very quickly two offers were on the table.
“The sale proceeded very smoothly and we were very pleased both with the service and the end result.”