HPPUT, advised by Gerald Eve, has forward-funded Edgwick Point, an industrial development project in Coventry, from The Wigley Group for £7.5 million.
The three-acre site, located to the north of the city centre, will be home to a total of 65,000 sq ft of industrial space – split between one block of 25,000 sq ft and two blocks of 20,000 sq ft – when construction completes in the first quarter of 2019. Under the terms of the deal, Wigley Building and Development will continue building the units on behalf of HPPUT.
Jon Ryan-Gill, partner at Gerald Eve, said: “This is a key purchase for HPPUT, which has been extending its industrial portfolio in the regions. We look forward to working with HPPUT and The Wigley Group to complete the units and bring them to market in Spring 2019.”