16 May 2011

Development activity in Redruth

CPR Regeneration has sold a landmark site in Redruth this month that has lain vacant for 4 years, report the selling agents King Sturge. The former EJ Thompson and latterly Plumbase showroom at 10-12 Chapel Street was on the market at £275,000 and has been sold for an undisclosed sum to local businessman Darius Navai. This property will enable growth of his Direct Sewing Machines Company, which specialises in sales of domestic sewing machines and fabrics as well as training, craft classes and workshops. Mr Navai aims to attract other like minded arts and crafts businesses to the site to support a growing creative quarter in the town.

The new owner is refurbishing the property; including installing a modern facade to Chapel Street, while retaining the historic key elements of the buildings on site. This will form a new showroom and classrooms as well as storage and production space. It is hoped that the site will eventually employ up to 25 people.

CPR Regeneration was funded to buy the site in August 2008 by the South West Regional Development Agency in order to promote economic development in the town. It is one of 25 key sites identified in the Redruth Action Plan, an economic regeneration plan for the heart of Redruth.

King Sturge comment that the Chapel Street site is one of two sites that have been sold this year, demonstrating investor and occupier demand in this rapidly improving area of Cornwall. Another plot on Treleigh industrial estate owned by the South West Regional Development Agency has been sold by King Sturge to Practical Developments. The site, which had an asking price of £125,000, was sold for an undisclosed sum. Practical Developments plan to build a 900sqm BREEAM excellent industrial unit.

For further information contact Ifan Rhys-Jones on 01752 676 000.