Failed Derbyshire engineering firm’s HQ sold for £2.5m
Manufacturer Sycamore Avenue has swooped for the former home of Greenbank Terotech in Swadlincote – six months after the group slid into administration with the loss of more than 40 jobs.
The 37,424 sq ft unit on Hartshorne Road was sold by Watling Real Estate on behalf of joint administrators BDO, with the sale price exceeding the guide of £2.2 million following what the agent described as a competitive marketing campaign.
The property had been vacant since September last year, when administrators were called in at the 80-year-old Derbyshire-based engineering group, which included Greenbank Engineering Services, Ammegen and Greenbank Group UK Holdings.
Originally established in 1954, the group provided a range of engineering services including design, manufacturing, supply and installation services to the bulk-handling, power, energy from waste, rail, water and wastewater industries.
Building products supplier Sycamore Avenue snapped up the site for £2,487,500, intended for its own occupation.
Ben Holyhead, an associate director in the Birmingham office of Watling Real Estate, said: “Despite the challenging macroeconomic environment, we witnessed a depth of demand in the property reflecting the restricted supply of traditional freehold industrial/warehouse accommodation.
“The resulting competitive tension drove pricing beyond the quoted guide price, with the property achieving over £65 per sq ft. We continue to witness robust levels of demand for well-located freehold assets within established locations.”
Law firm Browne Jacobson acted for the joint administrators and Eversheds advised The Sycamore Avenue Company Ltd.
