Haulage firm secures Cornish warehouse
12 February 2024
3PL Conway Bailey Transport has paid Tregay Properties around £5.25 million for the freehold of a a 228,5777 ft2 warehouse in Redruth Cornwall, as it looks to expand its transport and logistics offering.
By Liza Helps Property Editor Logistics Matters
THE FACILITY is located on a 20 acre site on the Cardrew Industrial Estate in Redruth was previously occupied by plastics manufacturer Curver. It comprises two warehouses and a two storey office building.
The sale, which completed in late December, was one of the county’s biggest property transactions for many years.
Alder King partner Ian Simpson, who advised on the sale, said that the disposal indicated demand for large footprint second-hand stock in Cornwall, with new build typically being cost-prohibitive.
“We rarely see availability of a property of this scale anywhere in the South West, let alone in the Cornish property market. The cost of acquiring land and constructing new buildings generally exceeds the value of the completed product, making new development unviable without grant funding.
“This was therefore a unique opportunity for a local purchaser to secure a large footprint unit in this part of the South West, allowing the building to continue in beneficial use.”