One of the biggest factory sites in Wales is up for sale. US manufacturer 3M has appointed property advisory firm Colliers to sell its 40-acre industrial complex in Gorseinon, Swansea, after announcing last year its plans to close the operation.
The site is the American company’s oldest manufacturing facility outside the US and dates back to the 1950s. It provides 358,114 sq ft of storage, production, and office space across several buildings.
An asking price has not been quoted by Colliers but bids will reflect rising construction and borrowing costs. However a leading Welsh commercial property agent not related to Colliers said bids could potentially come in at around £8m to £10m.
3M is moving production at the site to its operations globally including Bangor in Northern Ireland. At the time of the announcement it said it was experiencing ongoing under utilisation impacted by changes in markets it serves namely the personal care industry, the collision aftermarket, and vehicle repair centres.
The closure will see around 100 jobs lost. The site is being marketed by Colliers in its entirety or in plots of 10 acres. The US firm is expected to cease operations at the factory in the first quarter of 2023 ahead of decommissioning and remediation work. That work and a sale of the site is not expected until quarter two of 2024. 3M doesn't intend to carry out any demolition work after completion of decommissioning and remediation.
Colliers wouldn’t comment on whether the site could be repurposed by any new owner(s) for residential purposes but confirmed there was already strong interest in the marketplace. The site is currently identified by Swansea Council for general industry and storage and distribution use. The Colliers sales brochure says: “ The site has the planning potential to accommodate a reasonably wide range of different planning uses, as well as a mixed-use project.”
READ NEXT:
- What's happening to the former Ford engine plant in Bridgend.
- Strong demand for large industrial units in Wales
- Can you pass a Welsh citizenship test?
- Met Office issues another yellow weather warning for heavy rain and high winds in Wales
- I'm a Celeb's Ant & Dec return to speaking Welsh after Wales' World Cup opener
