The company has agreed a new 25-year lease on the premises, which has the ability to expand by a further 45,000 sq ft.
The expanding automotive component maker will occupy the premises vacated by Greenwoods Communications following their recent fall into administration and the subsequent loss of 240 jobs.
Graham Darby of Coleshill-based commercial and industrial property consultants, G R Darby, acted for Sertec. He said the increase in demand from key client Jaguar Land Rover (JLR) has been the main driver of their requirement for additional space.
“The building provided the perfect solution for Sertec, due to its proximity to both JLR’s Castle Bromwich and Solihull plants, and the ability to expand on site allows them to accommodate the anticipated future growth of the business. The new facility will be in addition to Sertec’s existing manufacturing base, also in Gorsey Lane,” he added.
James Darby, associate director in the industrial and logistics team at the Birmingham office of Colliers International, advised Anglesea Capital, the landlord’s asset manager, and Logicor on the deal, which was done off-market and back-to-back with the administrators of Greenwoods.
James said: “This transaction is an excellent example of the automotive industry’s increased success in the Midlands and in particular the job creation that comes with it following such unfortunate stories as Greenwoods. Furthermore, from a property perspective, this off-market transaction highlights the continued lack of supply of existing buildings, particularly within the 20-minute drive time of both JLR plants, when more demand is expected from this sector in the run-up to July 2014 when an additional three models go into production’.