Developer Robert Hitchins has sold a 25,000 sq ft warehouse building in Stonehouse, Gloucestershire for £2.7 million after an extensive refurbishment.
Unit 5, Brunel Way in Stroudwater Business Park, purchased by an unnamed wholesaler, consists of a self-contained warehouse and two-storey offices just off the A419 and close to J13 of the M5.
Robert Hitchins acquired the unit just 10 months ago as part of a wider transaction with Greiner Bio-One.
RHL developed a new purpose-built 53,500 sq ft facility at its nearby Stroudwater 13 Business Park for the pharmaceutical company. At the same time, it took over Greiner’s former premises at Unit 5 and carried out a major refurbishment.
“This has been a real success story for us and a great boost for the local economy at Stonehouse,” said RHL’s Senior Development Manger Michael Plimmer.
“We’ve been able to partner with Greiner Bio-One using our property expertise to deliver a brilliant, fit-for-purpose, new building, enabling them to grow on land we own, whilst acquiring their existing facility, refurbishing it to bring it up to modern standards and selling it to another owner occupier who is also keen to grow its business in the local area, all within 10 months.
“There are not many buildings the size of Unit 5 available in the local area and we were confident that once refurbished it would appeal to businesses wanting to set up in the area. Its position close to J13 of the M5 on an established business park were real positives.
“At Robert Hitchins we have always been proud of our ability to work in partnership with businesses to deliver property solutions that work for all parties and this was no exception.”
The agent was Alder King. Partner Adrian Rowley said: “It is a real positive story for the locality. The new facility constructed for Greiner Bio-One has allowed that significant local employer to expand and the refurbishment and sale of Unit 5 sees a high-quality building re-positioned for its new owner occupier. These are two positive investment events for Stonehouse.”
Robert Hitchins, based at Boddington in Gloucestershire, is one of the leading property developers and investors in the South West and South Wales. It provides the full development process from site acquisition and planning through to development and investment.
