Wed, 23 Nov 2022 | COMMERCIAL PROPERTY
A nearly 190,000 sq ft industrial and warehouse complex in Milton Keynes has been put up for sale, with offers sought in excess of £12 million, after the companies that occupied it fell into administration earlier this year.
Broadways Stampings Ltd and Dyson Diecasting Ltd, which provided pressed and sheet metal components for the UK automotive industry, entered administration in August after succumbing to numerous headwinds, including rising input costs, labour and components shortages, COVID-19, Brexit and supply chain disruption.
The companies subsequently appointed Ryan Grant and Chris Pole of Interpath Advisory as joint administrators and the freehold interest in the site on Bletchley’s Denbigh industrial estate has now been put up for sale, with real estate advisor Avison Young marketing the property.
The site, currently vacant, consists of 189,473 sq ft across an area of slightly over 6 acres. Avison Young says that the sale represents a “rare opportunity to acquire a substantial industrial property within a prime area of Milton Keynes” with the site located in close proximity to the M1. Several units are located on the site, with Avison Young saying that there is “significant asset management and redevelopment potential”, subject to the necessary planning permissions.
The former Broadway Stampings unit is a single-bay warehouse of around 55,597 sq ft on a site covering around 2.2 acres with a secure yard and parking.
The former Dyson Diecasting unit is a multi-bay industrial premises comprising a two-storey office building and a standalone modern warehouse. The unit is around 110,889 sq ft on a site covering approximately 2.89 acres.
The Dyson unit also features an external car park located to the front of the office building, with additional car parking located to the rear of the warehouse. There is also a covered loading area used for principal loading.
The sale also include 1-3 Denbigh Court, a multi-bay warehouse of approximately 22,987 sq ft on a 0.95 acre site. There is an external car park to the front of the unit, with principal loading via five loading doors to the east, offering direct access to and from the yard, with a further two loading doors to the west.
Avison Young Associate Surveyor Ben Holyhead commented: “Avison Young has been appointed by the joint administrators of the companies to market and sell the property assets, which offer prospective buyers a rare opportunity to acquire substantial industrial and warehouse premises within a prime area of Milton Keynes.”
“The site is situated in close proximity to the M1 motorway and provides excellent regional and national transportation links, making it a key strategic location for any business seeking industrial space. This property will generate significant interest from occupiers, investors and developers alike.”
"We hope to achieve a positive result for the Administrators and bring the sites back into use, which will help to create jobs for the city.”
One of the best ways to find properties below market price is to look at recent administrations.
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