Irish Developer Mm Capital will bring new jobs and inward investments to Shrewsbury after purchasing the former Staco site.
The site was previously occupied by Magna International who last year made the decision to relocate their operations to their Telford, Castle Bromwich and Powys facilities.
Halls Commercial were instructed to sell the industrial complex which totals approximately 18.66 acres and provides commercial buildings with a total gross internal floor area of approximately 301,240 sq ft.
Mm Capital exchanged contracts on the site in July and plans to breakup the existing site into smaller industrial units with yard space ranging from 10,000sq/ft – 150,000 sq/ft and offer them to the market.
They are targeting owner occupier business’s looking to expand in the area and for property investors seeking to acquire units in order to achieve a return on capital. With commercial/industrial land opportunities limited in the town, this presents a rare opportunity for businesses to relocate into Shrewsbury from Shropshire and the West Midlands. The property also offers a rare opportunity in Shropshire & West Midlands to acquire commercial premises benefiting from up to 17m eaves height, which makes them ideal for e-commerce/distribution requirements and is a growth sector in the commercial market place at present.
Mm Capital was founded in 2013 by Peter Leonard and Derek Poppinga, and although based in Ireland the company have been looking to invest in the UK for many years but until now haven’t found the right opportunity, Mr Leonard, Managing Director at Mm Capital commented “I have been living in Shrewsbury for over 10 years now and when the STADCO site came onto the market I knew straight away this would be a great opportunity to bring new investment and jobs to the town. As a company we feel there is a huge demand in the industrial sector and this is something we are keen to deploy a lot of capital into for the foreseeable future.”
James Evans, Head of Commercial at Halls who negotiated the sale of the site, commented: “This was a unique site with huge scope for investors and property speculators, and we saw interest from throughout the United Kingdom and beyond. We are delighted as a team to secure this sale and bring new jobs and inward investment to the town.”