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Shropshire firm completes sale of £8.6m manufacturing site to London investor

Shropshire property group Morris & Company has completed the sale of its flagship manufacturing and office development near Wolverhampton.

By Mike Sheridan
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The firm's 68,000 square foot development, known as Apex@i54 and located on the i54 business park near Wolverhampton, has been snapped up by real estate investment group LondonMetric Property Plc.

The property was previously advertised for sale at offers over £8.65 million.

The deal marks the latest milestone for Shrewsbury-based Morris, who designed and built the high-specification unit, which was completed in 2021 at a cost of £6m. 

Apex@i54 which was built by Shropshire firm Morris & Co, has been sold
Apex@i54, which was built by Shropshire firm Morris & Co, has been sold to a London-based investor

The building is currently let out to Access360, a leading supplier of access solutions, as the firm's headquarters. Access360 moved into the building three years ago on a long-term lease deal.

“This sale reflects the strength of the industrial market in the Midlands and the quality of the buildings we deliver," said Liz Lowe, Head of Development at Morris Property.

"Apex @54 was designed and built to a high specification by our in-house construction team, and we’re proud to see it now form part of LondonMetric Property Plc’s portfolio.

“The transaction further underlines Morris & Company role as a leading developer in the West Midlands industrial sector and supports continued investment across the region’s strategic employment locations.”

Construction on the building was completed in November 2020 on the i54 business park near Wolverhampton, which is currently home to several high-profile global occupiers, including Jaguar Land Rover, Moog, and Collins Aerospace.

Mark Vernon of LondonMetric Property Plc said: "Apex @54 is a strong addition to our portfolio. The combination of a prime central location, certainty of income, and a well-built unit ticks all the boxes for us. The quality build delivered by Morris Property and the reputation of the business park made this an easy decision.”

 Richard Lingen of Savills, acting on behalf of Morris & Company, brokered the deal.

"We’re delighted to have secured this sale on behalf of Morris & Company. Apex @54 is an excellent example of a developer delivering exactly what the market demands – a well-connected, modern building with strong tenant appeal," he added