Industrial asset manager, Chancerygate, has sold the 37,715 sq ft Marston Trading Estate unit in Frome occupied by Tyco Fire Production Products for £3.46m.
Occupied for the past 20 years by international fire protection product manufacturer Tyco, the unit was acquired by financial services provider Wesleyan Assurance Society.
Earlier this year, Tyco committed its future to the site and completed a new five-year lease with Chancerygate. Employing over 60 staff at the trading estate, the company has plans to invest £4.5m in its facility in the next few years.
George Jerram, Chancerygate asset manager, said: “After a successful five-year hold period, and having secured a new lease for a tenant that has been committed to the local area for more than 20 years, it was the right time to sell the investment.
“We are active throughout the South West with current developments in Bristol and Cheltenham. The region is full of opportunity and we are actively looking for additional development and asset management to continue our growth in the area.”
Chancerygate was advised on the sale by property consultancy global real estate advisor Colliers International, whilst Nightingale Partners acted for Wesleyan Assurance Society.