Goold Estates has let 405,000 sq ft at Waterways Business Park in Wolverhampton to Pallet-Track on a 10-year lease.
The 19.5-acre estate, which comprises four, fully refurbished industrial/warehouse units, ranging in size from 51,000 sq ft to 154,000 sq ft, has been re-let following vacation by the sole previous occupier.
Goold Estates said it had improved the sustainability credentials of the park by installing new LED lighting and new roofing, raising the EPC rating of the units to B.
Dominic Goold, managing director of Goold Estates, said: “The speed at which this deal was done is a testament to both the strength of the regional market and the appeal of Waterways Business Park. We made a significant investment in upgrading the accommodation following the departure of the previous tenant, with extensive refurbishment works to improve functionality and security across the estate.
“Pallet-Track’s decision to commit to the site so quickly shows how well those enhancements aligned with the needs of a major logistics operator. The team at Pallet-Track have been great to work with in delivering this project and we look forward to working with them going forward.”
Stuart Godman, CEO of Pallet-Track, added: “Our main priority for Pallet-Track’s new central hub was remaining within the Black Country to ensure we retained our colleagues. Keeping efficiency and maintaining mileage for our shareholder members was also vital hence we are excited to move in later in the year.
“As a business, Pallet-Track has gone from strength to strength over the last 21 years, but our site could not support our continued success and our ambitious growth plans. Our central and regional hub strategy has been developed to enable us to save 64 million miles, on the four million pallets we handle every year, so maintaining close proximity to our current site is key. The site offers huge potential and adaptability, providing Pallet-Track with the flexibility we need to adapt to the industry’s changing needs and challenges, and the additional agility we need to maintain our position as the market leader.”
David Willmer, principal and managing director – industrial and logistics at Avison Young, said: “This deal underscores the continued strength of the Midlands as the UK’s prime location for logistics and manufacturing. The region accounted for over 60% of national take-up of ‘big box’ units over 100,000 sq ft in Q1 2025 – a clear indicator of its dominance in this market.
“The central location, excellent motorway connectivity and access to a skilled workforce make the Midlands an unrivalled hub for occupiers. It’s rare to find available space of this scale and quality in the region, so Waterways Business Park presented a standout opportunity for a large-scale occupier like Pallet-Track to expand its presence in the heart of the UK’s distribution network.”
