Recycling Engineering Firm Creates Several Jobs After Property Deal
13 Jun 2018
Published in: Member News
A Midlands industrial engineering firm has expanded and created several jobs, thanks to careful work on a complex property deal by Thursfields Solicitors.
Magnapower, a magnetic processing specialist which produces metal separation equipment for the recycling sector, was until recently renting a unit at Harris Business Park in Stoke Prior, Bromsgrove.
Thursfields helped the company's SSAS pension fund to purchase a bigger site on the same park which was then let back to Magnapower to house its assembly area, warehouse and offices, with the lease allowing development of the property.
The site was chosen for its space, high profile location and development potential, and earlier this year two new commercial units were constructed to complement the warehousing.
Magnapower then moved its offices into one unit while Priya Ohri, a solicitor at Thursfields, acted for Magnapower to sublet the second unit. Richard Johnson of Westbridge & Co acted as Magnapower's commercial agent on both deals.
Tony Gibb, director of the Commercial Property department at Thursfields, who acted for the SSAS pension fund in the initial purchase of property, said: "This was a multifaceted property transaction that has allowed Magnapower to expand its operation and achieve a rental income from the site, while at the same time providing a worthwhile investment for the company's pension fund.
"It was a pleasure to work with business leaders who take their company's future planning so seriously, and the fact that it has resulted in new jobs for local people was the icing on the cake."
Magnapower, which now employs 13 staff at Harris Business Park, was established in Smethwick in 1992 before moving to Droitwich, and finally settled in Bromsgrove around 10 years ago.
Robert Jones, managing director at Magnapower, said: "We were very pleased with how Thursfields enabled this development for the company and the investment for our pension fund.
"Buying the property in this way made sense financially for both the company and pension fund, and has enabled us to develop a new assembly area, to use a larger area for storing products and to be based in smart offices."
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