We are thrilled to share the exciting news that Folkes Properties, has successfully completed the acquisition of a prime warehouse in the West Midlands, marking our return to the UK market since the early 2000s. This strategic move is a key initiative to expand our property holdings and strengthen our portfolio within the Black Country.
Our recently acquired 4 acre site on Pedmore Road, Dudley, was purchased from JCAM Property, and the transaction was handled by Cushman & Wakefield and MK2 Real Estate’s investment team. The 44,843 sq ft warehouse along with an additional 5,593 sq ft warehouse, are both currently leased to builders merchant Sheffield Insulation Group (SIG) on a ten-year lease.
Commenting on the acquisition, Scott Wheatley, Finance Property Director, expressed our delight, stating, “We are delighted to announce the acquisition of this strategically positioned, high-profile roadside warehouse in the heart of the West Midlands, further bolstered by a ten-year lease that significantly amplified the property’s appeal. This investment perfectly aligns with our overarching vision of expanding our commercial portfolio, and our commitment to growth is further underscored by our openness to explore new opportunities and engage in strategic joint ventures in the region”.
Folkes Properties is proud to hold a diverse commercial property portfolio, with a specialization in multi-let industrial estates in the West Midlands. Our return to focusing on UK portfolio growth assets follows a successful expansion programme across South Africa over the last two decades, where the Folkes group has established a robust portfolio of shopping centres.
Thank you to Skylark Real Estate for advising on the acquisition.