Network Space Investments has acquired a manufacturing and distribution unit in a prime location adjacent to junction 35 of the M1 in Sheffield for an undisclosed sum.
The 25-year sale and leaseback deal sees the investment company acquire a high specification, modern 27,452 sq ft unit. Market leading green energy solutions manufacturer, Powerstar is the long-term occupier on an index-lined 25-year lease.
Network Space Investments is an active value-add investor with an established industrial portfolio of almost 1 million sq ft across the north of England.
Tom Dawson, Investment Director at Network Space, explains: “We remain a pro-active investor in the industrial market, where we see potential for capital and rental growth through strong occupational demand and pro-active asset management. Our focus is on good quality modern and sustainable real estate, particularly in established locations which offer market resilience.
“The acquisition helps Network Space bolster its single-let portfolio. This unit offers a prime location at the heart of the country, coupled with a long-term, strong covenant tenant operating in the vital and fast-growing renewable energy technology sector.”
Built in 2008 on a 1.4-acre site, the two-storey industrial unit with integral offices space has been occupied by Powerstar since 2012 and operates as its UK headquarters.
Network Space Investments were advised by Knight Frank and Taylor Rose. CBRE was responsible for the sale and leaseback on behalf of the occupier.
Nick Wales, Partner at Knight Frank, added: “This high-quality unit was identified as a perfect fit for Network Space Investments growing portfolio, with the acquisition underlining their conviction to the industrial sector.”
The unit is in a prominent position off Cowley Way, to the front of Smithy Wood Business Park which is strategically located immediately adjacent to J35 of the M1 motorway. Within five miles of Sheffield and 25 miles of Leeds, the Business Park has attracted prime occupiers such as DPD Group, Advanced Supply Chain and Samuel Grant Packaging.
