West Midlands specialist Folkes Properties has acquired its first site outside the Black Country, a 3.6 ha (8.8 acre) plot on Ninian Way, Tamworth, where it plans to build an office and shed scheme.
The terms of the deal are confidential but vendor Wilson Bowden was quoting £1.3m for the site which is one and a half miles from the M42.
Director James Folkes will submit a planning application for 12,542 sq m (135,000 sq ft) of B1, B2 and B8 within two weeks. He said: “We believe there is a niche market east of Birmingham where there is a dearth of space in the 15,000 to 30,000 sq ft range.”
He added: “We are looking to buy more 5 to 20 acre sites outside the Black Country and we are in a position to pay cash for them.”Folkes plans to start on a 6,503 sq m (70,000 sq ft) speculative development on the site by the end of the year.
EGi News 02/07/97
