10th November 2014
Speculative development in Paignton pays off Sale of 20,000 sq ft at Torbay Business Park to Devon Ceramics
Agents Alder King and JLL, acting on behalf of developer Abacus Deeley Freed, have secured the freehold sale of the first newly-completed building at Phase 6, the latest development at Torbay Business Park, Paignton. The sale to local company Devon Ceramics marks a significant point in this latest phase of the development, proving the success of the speculative development.
The first two completed units on the 20-acre site were built by Midas Construction Limited as part of a £2.3 million planned expansion to provide around 270,000 sq ft of much needed light industrial, manufacturing, distribution, research and development space in a range of sizes for local companies.
Devon Ceramics acquired the freehold of the 20,000 sq ft (1,858 sq m) building for an undisclosed sum and are already in occupation.
Mark Tyrrell of Abacus Deeley Freed commented: “As part of the wider development at White Rock Business Park, Abacus Deeley Freed committed to delivering 35,000 sq ft of industrial premises. Our confidence in the Torbay market has been proved with this first sale.”
A further 15,000 sq ft (1,394 sq m) building is completed and ready for occupation. It can be split so interest is sought from potential occupiers looking to buy or rent 5,000 sq ft (465 sq m) upwards.
Noel Stevens, partner at Alder King’s Exeter office, says: “The remaining unit represents real value in the current market where construction costs are rising fast.”
Midas Commercial Developments Limited (MCDL) is now working on an additional range of light industrial and warehouse units ranging in size from 3,000 sq ft to 35,000 sq ft, or larger if required, on an adjacent 17 acre site at the business park, with many available to be pre-let or sold in advance so they can be built specifically to order.
Steve Russell, director of Midas Commercial Developments Ltd, said: “Construction work will soon be underway on the remaining 17 acres, and we are keen to talk to any local businesses who would be interested in taking a unit so that we can design them to suit their individual needs.”
Interested parties should register with Alder King in Exeter on 01392 353080 or JLL on 01392 423 696.