Acting on behalf of Barclays (c/o FRP Advisory) we have secured the sale of the former Terranova site on Bennet Road, Reading, to Cordwallis Group Ltd.
The 1.85 acre site, with a 10,000 sq ft warehouse, fronts the A33 and formerly housed Terranova Group, up until the company’s demise. The new owner, Cordwallis Group, is a privately-run and family-owned business operating Volkswagen Commercial and MAN Truck centres for 30 years.
From its new site in Reading the company will offer commercial vehicle repairs and sales.
Future growth fuels property purchase
Simon Thomas, Director at Cordwallis Group, commented: “We have been building up the business over the last five years, now operating from a number of sites across the Thames Valley.
“Our recent success and our plans for future growth drove the decision to purchase rather than lease the space, with the location of the unit making it an ideal investment.”
Inward investment for Reading
Philip Hunter, Associate Director in our Industrial & Logistics team, added: “For both Reading and the wider Thames Valley industrial market this inward investment is positive news. We had a number of interested parties, leading to a closely fought “best bids” situation – indicative of the healthy appetite for this type of product.
“Such strong demand for well-located open storage land, coupled with the current lack of supply in the market, means that we’re continuing to achieve high land values. This particular property was disposed of within six months of our initial instruction.”