Polymer Latex factory in Bromsgrove sold
The former Polymer Latex factory in Bromsgrove has been sold by Yule Catto to One Property Group for £1.9m.
The 22-acre site, which formerly operated as a latex factory, was purchased as a strategic residential development site.
David Currie, development director for One Property Group, said: "The purchase of the Stoke Prior site underlines our appetite for acquisitions and represents a major commitment to the Midlands market. We look forward to bringing the site forward for onward development."
Yule Catto company secretary Richard Atkinson added: "We are pleased to have sold the site relatively quickly and for a favourable price in what remains a challenging market."
Savills surveyor Charlie Spicer said: "This sale was agreed as an unconditional disposal on behalf of Yule Catto. Due to sensitivities, the site was sold off market. We received 14 serious offers, which is testament to the underlying strength of the Midlands market for well-placed development sites."
The latex factory was shut down in March 2009 as a result of weak demand and a poor industry outlook caused by the recession.
Estate agent Savills represented the speciality chemical manufacturer Yule Catto. One Property Group was unrepresented.
