MAJOR DERBYSHIRE DISTRIBUTION DISPOSAL, FHP SECURE SUBSTANTIAL SALE

Industrial/Warehouse News

At a time when the industrial and warehouse market in the East Midlands is mirroring the economy as a whole and increased activity is being seen across the board, Tim Gilbertson of FHP is delighted to confirm proof of further improvements in the local property market with the sale of a substantial distribution building on a large site on Cotes Park Industrial Estate just off the M1 at Junction 28 and the A38.

Previously occupied as a transport/haulage base this substantial property extended to just under 70,000ft² and sat on a significant site of over 4.5 acres offering a rare visitor to the market combining a prime location with a large site offering scope for further development.

The site and premises have been sold to PMW Property who plan to redevelop the site and offer it out to rent in its entirety or in various size combinations. 

Tim Gilbertson of FHP acted on behalf of the owners and commented:

‘This is the third major distribution base in the Nottinghamshire/Derbyshire area that I have sold or let already in 2014, proof itself of the improving market and the upturn in demand that commercial property is encountering in the same way as the economy as a whole.

This opportunity offered basic warehouse accommodation but with the key added value being created by the extensive site upon which the building stood offering scope for external storage or, as is more likely in this particularly case, the extension and development of the site.

Benefitting from a superb location this favoured industrial estate just off Junction 28 of the M1 Motorway, I am delighted that PMW have purchased the site and I wish them well with their plans for the future.

With the disposal of this building this is the third major distribution base that I have let or sold already in 2014 with the three deals totalling over 275,000ft² of space disposed of which can only bode well for an improved market.

From our perspective the concern now comes in terms of lack of supply of space going forwards and I would be delighted to discuss the market with any property owner seeking to dispose of their industrial or warehouse premises as certainly there is real demand in the market and the limited supply is already seeing prices and rents starting to nudge upwards.”

Purchaser Mike Wrigley of PMW Property, commented:

“I am delighted to secure this exciting opportunity at a time when the property market is seeing real improvements.  Demand is certainly rising and stock levels are so poor that we are already seeing rents and capital values nudge up as a direct result.

We very much see West Way as being an ideal solution for any number of potential occupiers in the future as we look to fully refurbish and upgrade the premises enabling us to offer space out from 10,000ft² and upwards.

With the large site available there is scope for extension of the current premises too and perhaps even the creation of new build space as well and we look forward to releasing our plans shortly.

We have asked FHP to continue with the marketing of the site on our behalf and no doubt Tim Gilbertson and Laura West will do a fine job in encouraging new interest quickly.”

For further information on the deal or to see how FHP can assist you with the marketing and sale or letting of your premises please contact Tim Gilbertson on 0115 9507577.