Canadian company Multimatic Inc has bought the freehold of a 2.83ha (7 acre) site at Arlington’s Coventry Business Park in the West Midlands.
It is believed to be paying around £2m for the whole site which is just below the asking price of £716,580 per ha (£290,000 per acre).
Multimatic – an automotive component maker – will build a new 12,262 sq m (132,000 sq ft) manufacturing facility on the site with an investment of some £17m.
Peter Czapka, Multimatic’s President, said that the company wanted to buy a freehold in a recognised ‘motor’ city such as Coventry: “The history of the City, with its background in the automotive industry, the availability of sophisticated personnel and its regional grant status, all played a part in our wanting to come here.”
Multimatic joins other automotive manufacturers at Coventry Business Park including Kautex, Unipart Ychiyo and Anderson & Ryan.
According to Jim Johnston of Arlington only 13.35ha (33 acres) remains available at CBP.
Innes England acted for Multimatic. Grimley and Strutt & Parker advised Arlington.
EGi News 29/10/97
