Savills, on behalf of Pigeon Investment Management Ltd, has acquired 1 Lysander Drive on Northfields Industrial Estate in Market Deeping, Peterborough from private clients of Budworth Hardcastle.
Set across more than five acres (two hectares), the property comprises warehouse space totalling 87,137 sq ft (8,095 sq m), which is currently let in its entirety to Landis+Gyr. The sustainable smart metering firm is set to vacate the property in March 2022 and the unit will be available to let following comprehensive refurbishment works.
Savills has been retained to market the unit.
William Rose, director in the business space team at Savills Peterborough, comments: “The unit provided Pigeon with an opportunity to acquire a short income producing asset with future redevelopment potential. Upon its return to the market, the unit will be the only one of its size available in the area. What’s more, due to significant demand for good quality warehouse space across the region it is likely to generate greater returns for the investor in the long term as we anticipate strong interest from possible new occupiers.”
