Two recent property deals in the Black Country are strong indications that the commercial property market in the area is showing signs of improvement.
The lettings, on behalf of Dudley-based Thomas Dudley Ltd, were both completed by Bulleys Chartered Surveyors.
PHS Plc has taken Unit 16 Coneygre Industrial Estate in Dudley. The building provides 14,042 sq ft (1,304 sqm) of space. PHS is a leading UK workspace service provider employing over 5,000 staff nationwide.
PHS’s group property manager, Andrew Knight, said: “The new facility has been completely rebuilt including new offices and a new roof to the warehouse which together with a large secure yard area was key for a decision to locate this division of PHS in this building.”
The building is part of the Thomas Dudley Ltd’s property portfolio. Managing director Martin Dudley said: “This is another of our commercial properties we have invested in recently by undertaking a full refit and refurbishment.
“It again demonstrates to us the value of this by attracting a high quality tenant such as PHS Group.”
The refurbishment was overseen by Wolverhampton-based Building Design Practice.
Steve Perriton, the partner of Bulleys who negotiated the deal, said: “It is good to see a local Dudley-based client undertaking the level of refurbishment seen here to secure this letting at a time when the commercial property market has struggled to see such investment.
“I hope this is an indication that investing in commercial property and providing the right quality of product, will secure a good return and attract a quality tenant such as PHS.”
The second deal has seen Baldwins Crane Hire take a new facility in the Black Country on the Birmingham New Road, in Dudley.
Andy Skelton, operations director of Baldwins, confirmed that they have taken a site from Thomas Dudley. The site of 0.76 acres fronts on to the Birmingham New Road and will provide an additional operational depot for the company.
Baldwins has been involved in the crane industry since 1957 and deals with major lifting within the UK with cranes ranging from 70 tons up to 1,000 tons. Bulleys partner Steve Perriton, who also negotiated this deal, said: “The site received a number of interested parties due to its prominent location on the Birmingham New Road but it was an ideal site for Baldwins who are a national firm and who were looking for an additional Midland’s based depot.”