Thorngrove Land & Property Limited and joint venture partner Richardsons Capital LLP have disposed of the brand new speculative 268,200sq.ft Nickel 28 building in South Normanton.
The former EBDC complex, forming a key part of the South Normanton Industrial Area and totalling 18 acres, was demolished to make way for a state of the art brand new high-bay warehouse & distribution building known as Nickel 28.
Winvic Construction Limited undertook the construction of this high-specification building which was completed on budget and to an exacting standard.
A long-term occupational letting to IForce Group Limited was closely followed by a sale of the investment to The National Farmers Union Mutual Insurance Society Limited on undisclosed terms.
Mark Watkins of Richardsons Capital of said: “We are extremely pleased to have disposed of Nickel 28 immediately upon Practical Completion. We had strong demand for this building and spoke with several operators before agreeing terms with IForce Group. This was our first joint venture with Thorngrove, and the relationship proved to be an excellent one, with our skillsets aligning all the way throughout the development. We hope that this was just the first of many joint venture partnerships with Thorngrove .”
The instruction was handled by both CPP’s Sheffield and Nottingham offices, together with Savills Birmingham office. Sean Bremner Partner of CPP said: “This is a significant deal for CPP showcasing our strengths in the industrial and investment agency sectors. The deal is the culmination of my 17 year relationship with the site, and I am pleased to have worked with Thorngrove and Richardsons on this superb development which is a major regeneration project for South Normanton.