12th February 2024

Alder King completes sale of one of Cornwall’s largest properties

Agency & Commercial Development

Property consultants Alder King have finalised the freehold sale of the former Curver Premises on Cardrew Industrial Estate in Redruth, Cornwall to a special purpose company in common ownership to a second-generation local family business.

At 228,577 sq ft, the warehouse property occupies a 20-acre site and is one of the largest in Cornwall.  The sale, which completed in late December, was one of the county’s biggest property transactions for many years.

Ian Simpson, partner at Alder King in Truro, said the disposal indicated demand for large footprint second-hand stock in Cornwall, with new build typically being cost-prohibitive.

The property, which includes two large warehouses and a two-storey office building, was previously operated by plastic products manufacturer Curver as a manufacturing and distribution facility. It vacated the property in Q4 2023 to consolidate its operation with its manufacturing facility in Banbury in Oxfordshire.

Alder King’s Truro and Exeter offices undertook a targeted marketing exercise which attracted widespread interest.  Terms for the freehold were agreed with Conway Bailey off a guide price of £5.25 million.

“We rarely see availability of a property of this scale anywhere in the South West, let alone in the Cornish property market,” said Simpson.

“The cost of acquiring land and constructing new buildings generally exceeds the value of the completed product, making new development unviable without grant funding.

“This was therefore a unique opportunity for a local purchaser to secure a large footprint unit in this part of the South West, allowing the building to continue in beneficial use.”