A 216,347 sq ft warehouse in Nottingham has been sold to a property investor for redevelopment as a nine unit multi-let scheme.
Ivygrove Developments paid £4.32 million for the 11.54 acre former Crystal Martin site on Kirkby Road in Sutton-In-Ashfield, Nottingham.
Following the acquisition, the Derby based commercial property investment firm will redevelop the site into a multi-let business park, which they will retain as an investment asset.
Comprising nine buildings in total, Crystal Martin has taken a short-term lease back of approximately 25% of the property. An additional 150,000 sq ft (13,953 sq m), also remains available to lease, which has already generated strong interest from occupiers seeking additional storage space within the East Midlands.
Ian Muxlow, director in the commercial team at Savills Nottingham, comments: “The former Crystal Martin site provided a rare opportunity for the purchaser to acquire a significant freehold site in a great location fronting on to two main roads including the busy A38 with excellent connectivity to the M1.
“This sale proves that significant demand remains for good quality industrial space in the region despite current market uncertainty in some sectors. The sale was agreed via informal tender and we received multiple offers from a range of regional investors and developers who are still keen to progress projects.”
Ivygrove Developments Ltd was advised by JLL.