Factory site is sold for £1.3m

A factory in Staffordshire has been sold to a Midland property firm for £1.3million as part of plans for it to relocate to a neighbouring town.

A £5.5million plan to transfer the Hednesford and Rugeley bases of Ultra Electronics (PMES) to a single site at Brereton's Towers Business Park has been in the pipeline for two years. Midlands-based property firm Jessup has now bought the site in Rugeley Road, Hednesford, for £1.3million.

The firm specialises in new build, refurbishing and regenerating sites for residential, commercial and industrial properties and intends to redevelop the Rugeley Road site.

Until then, short-term lettings of the existing offices and workshops will be available while plans are being drawn up.

Birmingham-based property consultants King Sturge branded the sale one of its most valuable deals to date.

The main 7.5-acre PMES site in Armitage Road, Rugeley, was sold to McInerney Homes for £9.4million after King Sturge obtained outline planning permission for it to be used for housing.

Charles Warrack, from King Sturge's office agency, said: "The sale of the Rugeley Road site was a complex one.

"It required detailed negotiations to ensure the retention of some existing buildings on the site by PMES and a right of way plus a short term tenancy agreement to allow PMES to stay on for a further two or three months after its sale."

PMES provides high-tech power conversion and control solutions, underwater measurement ranges and sensors for various defence applications.

Nigel Roberts, director at PMES, said: "We have been extremely pleased with the range of expertise that King Sturge has provided to our project."