Redford Developments has sold a two-acre car storage facility located off Egerton Road in north Birmingham to global information management company Iron Mountain for an undisclosed price.
The site benefits from concrete surfacing, a gated car park area and good access to the A452, which links directly to Junction 5 of the M6.
Redford Developments secured a tenant for the land, bringing it back into use as a car storage facility for national car dealership Paul Rigby, on behalf of Volvo. The income producing site has been sold with a 10-year lease in place.
Richard Mees, chief executive of Redford Developments, said: “Egerton Road is situated within an established and well-connected industrial zone, to the north of Birmingham and just 1.6 miles from Junction 5 of the M6. There were several potential new uses and occupiers and we are pleased to have negotiated a lease with the Paul Rigby car dealership, together with the subsequent sale of the site to Iron Mountain.
“This deal illustrates the value of income-producing assets, whilst bringing vacant land back into use also has considerable safety benefits for the surrounding community. There are many other vacant land parcels around north Birmingham that we are keen to discuss with landowners and their agents.”
James Clements, partner at Box4 Real Estate, added: “We were pleased to bring the Egerton Road site to market and support Redford Developments through this disposal. Well located industrial land that has been successfully repositioned and income producing continues to attract strong investor demand across the market.”
