Construction of the 26,000 sq ft development – to be called The Fleet Centre - is underway already on Algores Way in Wisbech, on the site formerly owned and occupied by Priden Engineering.
On acquiring Priden Engineering last spring (April 2018) when SB Components gained the freehold of the site, the company was seeking to fund the redevelopment of the site to accommodate its next phase of business expansion.
Barker Storey Matthews was instructed by SB Components in September (2018) to secure investors for the freehold of the site and the funding of the development and construction of the brand new Fleet Centre, with SB components as the leaseholder and occupier.
The agent confirms there were a number of interested parties invited to submit proposals at the £3 million guide price and the final deal was completed, at that value, in January (2019).
Alan Matthews, of Barker Storey Matthews’ Huntingdon office, led negotiations on behalf of SB Components and admits that the strength of covenant presented by SB Components and its guaranteed long lease were key in attracting serious interest from funders.
“While it is unusual for the end tenant to be the freehold owner of a site at the outset of seeking forward funding for redevelopment, the speed with which the deal was concluded is a testament to the robustness of SB Components’ own offer,” he said.
SB Components’ Managing Director, James Warren, added, “We are a rapidly growing business and the new Fleet Centre will enable us to provide a dedicated service to our fleet customers which incudes major retailers and logistics operators.
“Our expansion plans are likely to see our workforce increase from around 200 to over 250.”
The new building is scheduled for completion in September (2019).