Unit 9 Rassau Industrial Estate, Ebbw Vale sold for £1.2 million
11 June 2008
The long leasehold interest has been acquired by Castleoak Timber Frame Ltd
Acting of behalf of Woodhead Connectivity, a division of Molex Inc, the Cardiff office of King Sturge has recently sold a 46,000 ft² industrial facility at Rassau Industrial Estate, Ebbw Vale for £1.2 million.
Unit 9 Rassau Industrial Estate is situated on a 4.5 acre site and includes expansion land. The long leasehold interest has been acquired by Castleoak Timber Frame Ltd (CTF), part of the Cardiff Gate-based Castleoak Group, which specialises in the development, design and construction of care homes and other supported accommodation for older people.
Colwyn Knight, Managing Director, explained that the new company had been established purely to supply Castleoak Care Partnerships, the Group’s construction company.
Mr Knight said “Castleoak grew by more than 50 per cent last year with further growth projected. CTF will focus solely on our own requirements, assuring our timber frame supply as we deliver more projects, meeting up to half our required production and supporting our company principle of using sustainable products and modern methods of construction.”
Jonathan Phillips, King Sturge Investment said “In a more difficult economic climate it’s good to see a South Wales based business expanding and I understand 15 new employees have already been taken on. In this instance we also negotiated a short-term leaseback on behalf of the vendor while they scale back their operations – it was pleasing to agree a deal that ideally suited both parties.”
Newport based agents Linnells acted on behalf of Castleoak, who intend to occupy the entire premises and be in full-scale production by the end of this year. Mark Steven of Linnells said “After carrying out an extensive search of the area, Unit 9 was identified as meeting the requirements of CTF providing significant potential for future expansion of the business and job creation.”
