A local developer has transformed an area of Four Ashes area over the past six years, with the construction of new industrial units providing employment opportunities in the area.
The project is a joint venture between Calibre Developments Limited, Jessup Brothers Limited and Possum Investments Limited. The development comprises 31 units over four phases, totaling 136,000 sq ft (12,635 sq m).
Phase 1 of the development in Laches Close, off Enterprise Drive, near Wolverhampton comprised four industrial units ranging from 4,000 to 14,000 sq.ft. (372 to 1,300 sq m) with practical completion late 2000. With the majority of the industrial space under offer prior to PC the developers moved on to Phase 2 which comprised 8 units ranging from 2,065 sq.ft. to 10,857 sq.ft. (195 to 1,009 sq m) and in total a further 39,500 sq.ft. (3,391 sq m).
Phase 3 comprised 8 more units of a variety of sizes totaling 32,100 sq.ft. (2,982 sq m) and the final phase a further 11 extending in total to 37,900 sq.ft. (3,521 sq m).
Following the success of Phase 1, many industrial units were sold or let off plan during construction, with the last unit in the final phase sold early in 2006.
Bulleys advised the developer from their initial acquisition of the land, agreeing the configuration of the site and an appropriate variety of unit sizes and specification with the Architect, to bringing forward the initial and subsequent phases ensuring optimum use of the land and financial consideration for the finished product. Over this period, capital values rose from £45.00 per sq.ft. to £70.00 per sq.ft. and rental from £4.00 pax to £5.00 pax.
Laches Close is now fully developed with a variety of businesses occupying modern industrial premises with spacious parking and servicing areas. Rod Spiby at Bulleys said “The development at Laches Close and Calibre Industrial Park has been one of the success stories of Wolverhampton over the past years. The units have proved to be immensely popular with their combination of high quality construction and easy access to the M54, M6 and M6 Toll Motorways, linking with the wider West Midlands Motorway network. The development team have hit on a winning formula with this development and are constantly on the look out for further land to undertake a similar scheme”.
The development team have subsequently acquired further land through Bulleys at the end of Enterprise Drive. In Phase 1, known as The Dell, a further 7 units are planned from 3,570 to 20,200 sq.ft. (332 to 1,887 sq m) in total affording 51,000 sq.ft. (4,738 sq m). With the success of previous phases and demand for the locality, Bulleys have negotiated sales of all 7 units off an asking price equating to £85.00 per sq.ft. off plan prior to commencement of the development.
Bulleys have advised throughout the process and marketed the finished product on a sole agency basis.