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Real estate investment trust LXi REIT has paid SIG £9.3m to take over ownership of the property and has agreed a 25-year lease.
The Steadmans factory is a substantial manufacturing facility of 248,333 sq ft, on a 15 acre site, used for the manufacture of profiled metal roofing and other cladding elements. The property includes a new high specification 89,000 sq ft cladding production facility, constructed in March 2016, along with a range of other factory units as well as storage and office facilities that have been built over the past 20 years.
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