COOL SALE FOR FHP AT THE BROADWAY, MANSFIELD

Industrial/Warehouse News

The sale of the former Plumbing and Heating Supplies building on The Broadway, Mansfield has just been completed to The Heatcare Pension Fund to accommodate the expansion of one of the Heatcare Group’s companies, namely, Coldcare Limited.  Acting on behalf of The Stepnell Group, Alastair Fearn of FHP negotiated the sale of the 650m² (6,985ft²) warehousing unit. 

Within days of the marketing board going up interest was received from a number of parties and it was local occupiers Coldcare Limited who emerged as the strongest party in relation to price and funding.

Coldcare Limited are already on The Broadway and currently share premises with their sister company Heatcare Limited.  The Subject Property will provide them with an ideal base to continue their expansion.  Garry Stone of Coldcare commented:-

“Having seen continued growth in recent years the current premises were becoming too small for both Heatcare Limited and Coldcare Limited to operate from.  These new premises will enable Coldcare Limited to continue to provide first class service in relation to all cooling and ventilation requirements”.

Louise Mather of The Stepnell Group added:-

“Our portfolio has changed somewhat from when we built this property for a local occupier in the mid 1970s which meant that there was no logic in retaining this building as it is remotely located from our offices.  We were delighted with the level of interest shown in the property and we were pleased to swiftly agree a deal with Coldcare Limited.  The absence of this unit from our portfolio means that we can now concentrate our efforts around our main offices in Rugby and Grantham also enabling us to invest elsewhere”.

Alastair Fearn of FHP said:-

“The majority of warehouses of this size in Mansfield tend to be new build within a terrace so it is not surprising that a good level of interest was received.  As the freehold market has become harder due to the lack of credit FHP still received a substantial amount of interest in the property mainly because of its secure yard and central position”.

This is the second piece of work that FHP have concluded on The Broadway in recent months with FHP successfully acting for The Plumbers Merchant in their recent rent review.

For further information on either of the transactions at The Broadway or for further availability in the Mansfield area please contact Alastair Fearn at FHP on 0115 950 7577.