Shaylor Developments has signed up an enterprising new business with its innovative 'rent and buy' guarantee on one of the last two remaining units at Optical Park industrial estate, Aldridge.

New business Colour Masterbatch Ltd has taken the 4,508 sq ft unit on a five year lease with a starting rent of £18,000 pa for the first two years rising to £21,500 for the next three years, with an option to purchase at any time during the first two years for a fixed price of £250,000.

Shaylor Developments managing director, Martin Baxter believes that this flexible approach to solving some of the problems faced by cash-hungry ambitious firms is key to the success of this letting and for other industrial developments in the area.

"This 'rent and buy' option gives companies who have a sound business the ability to overcome the problems caused by the general lack of funding from the banks and the uncertain trading conditions," says Martin. "They can get on with running their business knowing that they have the option to buy the premises they need when economic conditions improve."

Colour Masterbatch provides colour matched plastics for the injection moulding industry and the new premises incorporate a state of the art laboratory for manufacture of the plastic mouldings and colour matching.

Business owner, John Bradburn, who has other established business interests in heavy engineering companies based locally and internationally in South Africa, was quick to spot a gap in the market for this highly skilled product and believes that there is great potential to develop the business from its Walsall base.

He said: " A larger established West Midlands based company closed its UK operation last year providing us with the opportunity to enter the market.

"Optical Park provides us with the perfect central location to meet our tight turn-around times. A key component of the service offered is colour matching from a manufacturers sample and sending back a product for approval within just a few days."

The Optical Park development has been completed for twelve months and is home to a variety of businesses that include a catering and food company, a project management and contracting firm and a supplier of decorating and property services.

Martin adds: "These units have proved extremely popular as they provide exactly what a small or start up business needs in terms of space, location and facilities and traditionally there has been a shortage of good quality development of this type in the area. The first six were sold on a freehold basis before bank lending dried up and we are confident that we will achieve more new tenants with this new offer."

Shaylor Developments currently has industrial units available at Harris Business Park, near Stoke Prior, Bromsgrove and Aldridge Fields Business Park, Walsall on similar 'rent and buy' deals.