A thriving centre that is home to small businesses in Rugby, Warwickshire, has a new owner, Commercial People understands.
The 11-unit Hillmorton Craft Studios has been acquired by Warwick-based Prova Investments from property investment company The Wigley Group.
Louis Washington-Smith, Director of Estates at The Wigley Group, said: “In the six years that this property has been part of our portfolio, it’s been satisfying to have been able to give start-ups and small enterprises a place to do business and grow.
“With all the units fully let, we felt like it was the right time for us to focus on our core portfolio strategy which places much focus on assets that have development potential.”
Located near the historic Hillmorton Locks on the Oxford Canal, Hillmorton Craft Studios is a 3,163sq ft 11 unit studio that is currently fully let.
The Wigley Group acquired the business centre in 2016, with the recent sale being overseen by the recently named Coventry and Warwickshire’s Property and Construction Business of the Year, Bromwich Hardy.
The deal for the Warwickshire studios means that Bromwich Hardy has been involved in property transaction worth over £7 million in 2021 alone.
Tom Bromwich, Founding Partner of Bromwich Hardy, said: “This is an excellent site in a wonderful location and we are delighted to have been able to conclude this deal for our client. The studios have proved to be a wonderful home for new and growing businesses, and we look forward to that success continuing.”
Hillmorton Craft Studies was marketed by Loveitts and sold prior to auction to Prova Investments (represented by Bromwich Hardy).
Commenting on the purchase, Sarah Hookey, of Prova Investments, said: “The craft studios represent a great addition to our current portfolio and a diversification away from industrial units. We are looking forward to building long-term partnerships with the Hillmorton studio business community.”