A major industrial site of historic importance in Coventry has been sold in a deal worth approximately £7.5 million.
The Wigley Group has sold the land which once housed the world-famous Alfred Herbert manufacturing works in Edgwick Park to the Harmsworth Pooled Property Unit Trust.
The leading commercial property, construction and risk company began a speculative development of its three-acre plot just off the main gateway from the M6 into the city earlier this year to provide 65,000 sq ft of high-quality industrial units.
James Davies, managing director of The Wigley Group, said: –
“We have completed a forward-funded deal whereby we are selling the land and our construction arm, Wigley Building and Development, are building the units on behalf of the purchaser.”
The site, once well-known for the Top Shop from its Alfred Herbert era and now renamed Edgwick Point, forms part of 35 acres bought by The Wigley Group in the late 1970s.
It marked the start of the company’s venture into the commercial property market and large sections have been regenerated and sold over the years to companies including Gallagher and Lidl.
Davies added: –
“The sale marks a historic transition in ownership. It is the final piece in the jigsaw in terms of the development and regeneration of what was the oldest investment in our commercial property portfolio.
“It is an extremely proud moment for The Wigley Group and we look forward to delivering the completed development to the new owners which will signal a new and exciting chapter for a site of great importance to Coventry’s manufacturing past.”