Thorngrove Land & Property Limited has acquired a 170,000sq.ft. warehouse and distribution investment as part of a joint venture with Richardsons Capital.
The EBDC complex, forming a key part of the South Normanton Industrial Area has a total site area of 18 acres, including 3.5acres of higher value use development land. The tenants include Equip Outdoor Technologies, Alliance Healthcare, Burrows Recovery and Morrison Utility Services.
Mark Watkins of Richardsons Capital of said: “We are very pleased to have secured the purchase of EBDC in our first joint venture with Thorngrove. The estate provides a good performing, income producing commercial complex with an impressive tenant line up providing opportunity for growth in the short term and obvious strategic plans for our JV moving forward. Junction 28 is a popular part of the East Midlands and we are excited by the prospects this acquisition gives us.”
The instruction was handled by both CPP’s Sheffield office and Nottingham office. Sean Bremner partner of CPP said: “This is a significant transaction for CPP demonstrating our ability to promote regional investment property to a national market. Strong interest has been expressed since its introduction and we are delighted to have secured the sale to Thorngrove Land & Property and Richardsons Capital. Personally, it is a site I have worked on for 14 years dealing with various lettings and we look forward to continuing our involvement with the new owners both in an agency and property management capacity.”