The Sycamore Avenue Company has purchased a vacant 37,424 sq ft warehouse on Hartshorne Road in Swadlincote, Derbyshire, for £2,487,500.
The joint administrators of Greenbank Terotech, Lee Causer and Benjamin Peterson, appointed Watling Real Estate to market the unit at a guide price of £2.2m. The property became available following a group of four Derbyshire-based engineering businesses, including Greenback Terotech, entering administration.
County Tyrone-based building products manufacturer, The Sycamore Avenue Company, has acquired the warehouse for its own occupation.
Ben Holyhead, an associate director in the Birmingham office of Watling Real Estate, said: “Despite the challenging macroeconomic environment, we witnessed a depth of demand in the property reflecting the restricted supply of traditional freehold industrial/warehouse accommodation. The resulting competitive tension drove pricing beyond the quoted guide price, with the property achieving over £65/sq ft. We continue to witness robust levels of demand for well-located freehold assets within established locations.”
Browne Jacobson acted for the joint administrators and Eversheds advised The Sycamore Avenue Company.
