Warwickshire industrial estate sold following £6.375m deal

Published by

Peter Davison

Centrovell in Nuneaton has been sold in a multi-million-pound deal

A significant industrial estate in Nuneaton has been sold following a £6.375 million deal.

An unnamed fund has acquired Centrovell Trading Estate, on Caldwell Road, with Citivale acting as operating partner. The vendor was Warwickshire-based property investment company The Wigley Group.

The estate is fully let to half-a-dozen businesses, with its latest tenant Rapid Metals Ltd signing a long-term lease in April.

The site includes seven units and spans more than 90,000 sq ft in total, and is located close to the heart of the region’s transport network including the M6.

James Davies, Chief Executive Officer at The Wigley Group, said: “This is a really positive deal which demonstrates our strong experience in asset management.

“During the seven years we have held the site in our portfolio, we’ve secured new leases, driven significant rental growth, and added income to a well-connected asset.

“With all of the units now fully let, we felt it was the right time to focus our energies on new development opportunities including two estates we are about to commence work on in Coventry – Albion Enterprise Park and Stonebridge Trading Estate – following recent planning approval.”

As well as Rapid Metals Ltd, the site is home to businesses including Exhaust Tyres and Batteries (Worcester) Ltd, Onstyle Lifting and Engineering Ltd, Aeroforma Technologies (Midlands) Litd, Caterers Supplies Ltd, and KB Transport Solutions Ltd.

The Wigley Group was represented by Nick Howe at Edgerley Simpson Howe LLP, while Citivale was represented by Ben Wisher of CBRE.

Rebecca Farnsworth, of Citivale, added: “The acquisition aligns with our strategy of acquiring industrial investments in solid locations with growth potential and we are delighted at its conclusion.”

Peter Davison

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country. An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts. Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.