A business estate that is home to small companies in Warwickshire has a new owner.
Hillmorton Craft Studios has been acquired by Warwick-based Prova Investments from property investment company The Wigley Group which has its headquarters in Warwickshire.
The site in Rugby has 11 units which are all fully let. Terms of the deal were not disclosed.
The Wigley Group acquired the 3,163 sq ft business centre, near the historic Hillmorton Locks on the Oxford Canal, in 2016.
The sale means the company, which was recently named Property and Construction Business of the Year at the CoventryLive Business Awards, has been involved in property transactions totalling over £7 million in 2021.
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Director of estates Louis Washington-Smith said: “In the six years that this property has been part of our portfolio, it’s been satisfying to have been able to give start-ups and small enterprises a place to do business and grow.
“With all the units fully let, we felt like it was the right time for us to focus on our core portfolio strategy which places much focus on assets that have development potential.”
Sarah Hookey, of Prova Investments, said: “The craft studios represent a great addition to our current portfolio and a diversification away from industrial units.
“We are looking forward to building long-term partnerships with the Hillmorton studio business community.”
Hillmorton Craft Studies was marketed by Loveitts and sold prior to auction to Prova Investments which was represented by Bromwich Hardy.
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Tom Bromwich, founding partner of Bromwich Hardy, said: “This is an excellent site in a wonderful location and we are delighted to have been able to conclude this deal for our client.
“The studios have proved to be a wonderful home for new and growing businesses and we look forward to that success continuing.”
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