Development of a multi-use industrial estate by creating 17,000 sq ft of additional unit space
||The Wigley Group
||Nicol Thomas/Threesixty Architecture
||John Newton Partners (structural), Perrins Design Associates (electrical and mechanical)
|Form of procurement
||Design & Build
|Form of contract
||JCT Design & Build
The 125,000 sq ft multi-use Henley Road Industrial Estate was purchased by The Wigley Group in the late 1990s, in what was one of the company’s first property investments.
The estate is located approximately 3.5 miles north-east of Coventry city centre and 1.5 miles south-west of Junction 2 of the M6/M69 Interchange, providing excellent connectivity.
An opportunity arose to expand capacity and address the distinct shortage of commercial property in Coventry with two new industrial units to the rear of the estate.
Work commenced in 2016 with ground stabilisation using stone columns to address the difficult sloping ground conditions given the site’s proximity to former mineshafts in the area.
This enabled the part-extension of an existing unit and a new-build – both with steel frame, steel cladding, and reinforced concrete floors – creating a combined 17,000 sq ft of additional space on the estate.
The two new units, which were 7,252 sq ft and 8,700 sq ft in size individually, were completed in 2017 after 10 months’ work and £1.25 million investment, and let to tenants which included national retailer Screwfix.
Both new units were among four on the estate which were sold to Chancerygate - the UK’s largest multi-unit industrial property developer and asset manager - for £2.56m in 2021, in a deal that reflects a net yield of 6.12%.
Wigley retains 10 units on the estate within its portfolio with a view to future growth.