Tungsten Properties intends to redevelop a former B&Q retail warehouse site in Sheffield, South Yorkshire as a 170,000 sq ft industrial and logistics scheme.
The developer bought the 11-acre site unconditionally for £5.5 million from New River Retail.
Located on Greenland Road in Darnall, 2.5 miles east of Sheffield city centre and close to junction 24 of the M1 and the Meadowhall Shopping Centre, Tungsten Properties intends to demolish the existing B&Q warehouse and construct a new warehouse totalling 170,000 sq ft with completion expected by Q4 2020.
The remaining 2.5 acres to the northern part of the site will be redeveloped for alternative uses such as fast food, trade counter, and other roadside uses.
Ian Dunckley, development director, Tungsten Properties, said: “There is significant demand for warehouse space in Sheffield due to lack of existing and new stock within the market. The location of our latest Yorkshire acquisition is strong and is ideally located close to the M1.
“Sheffield has the benefit of a strong local workforce, thanks to the local manufacturing and engineering industries. The demand for ‘Big Box’ accommodation in this area continues, and we have already received interest from potential occupiers.”
The acquisition is the first in Sheffield for Tungsten Properties and follows its recent news of its acquisition of Super B, a warehouse site in Bradford for a 230,000 sq ft new warehouse development.
Tungsten Properties was represented by agents Gent Visick. New River Retail was represented by Colliers International.
Gent Visick and Colliers International have been retained as letting agents.