MAJOR DISPOSAL – 150,000FT² LET AT JUNCTION 28, M1

Industrial/Warehouse News

In what will undoubtedly be one the largest disposals in the East Midlands during 2015, Tim Gilbertson of FHP is pleased to announce the letting of 150,000ft² of space at Alfreton.

Acting on behalf of Legal & General, in conjunction with joint agent Harris Lamb, the deal concluded sees the leasehold disposal of substantial manufacturing and distribution premises to Sheffield Insulation Group for their continued expansion throughout the region.

Whilst the disposal of any site is gratifying, this was particularly pleasing as the deal was agreed within weeks of the property coming to the market.

Tim Gilbertson of FHP who acted on behalf of Legal & General commented:

“What a great start to 2015!  In a market where the supply of large distribution and manufacturing premises is diminishing on a daily basis, demand is improving in line with what we hope is the continuing improvement in the general economy, properties are now not only moving but they are moving quickly.

Not many buildings of 150,000ft² or more are let in the East Midlands during any year and therefore to see this deal conclude so swiftly at the start of 2015 is a great result.  The biggest problem the market how faces is the lack of supply of good quality space at the top end as there are literally no buildings available over 100,000ft² within the M1 Corridor in Nottinghamshire and Derbyshire.  This situation continues further afield into Leicestershire to the south and north to South Yorkshire and this lack of supply threatens to stymie the growth of many companies who have active requirements.  It is extremely rare that we do not have space available on the market of over 100,000ft² but this is certainly the case at present and as a result frustrations are mounting with many potential purchasers and tenants unable to secure properties of the size they require.

Conversely as a result we are encountering increased demand for design and build property solutions but for some occupiers this can never work due to the speed of delivery.  Therefore I hope that we receive new instructions to fill this gap in the market place soon as I have a lengthening list of potential occupiers, with both freehold and leasehold requirements for units of over 100,000ft² throughout the East Midlands.