East Midlands investment firm Derbyshire Investments (UK) Ltd has grown its industrial rental property portfolio by 18%, in a deal worth almost £1million.
The recent purchase of unit 2 West Side Park is one of a series of large-scale investments by the firm, and part of an ambitious plan to grow the company’s offering of high grade industrial space.
Acting on behalf of Derbyshire Investments (UK) Ltd, Nelsons Solicitors has completed the purchase of 12,000 sq. ft. property in Raynesway, Derby, to the value of £950,000.
Sarah Burns, commercial property solicitor at Nelsons, said: “This investment in property is really good news for Derbyshire as high-grade rental space will help attract new and growing businesses to the area as well as employment opportunities across the region.
“We have an existing relationship with Derbyshire Investments (UK) Ltd and are pleased to be working with such a high-profile company in the East Midlands. We’re thrilled to see the deal has come to completion smoothly.
“Our team has managed all aspects of the conveyancing, from initial property due diligence through to exchange and completion, and we will also be assisting with the grant of a lease once the property has been let.”
Previously used for manufacturing and storage, the building has been redecorated and is already available for rent.
Scott Bailey, director at Derbyshire Investments, said: “We’re really pleased to add the site at West Side Park to our growing portfolio of industrial rental space.
“Nelsons has been extremely professional and maintained excellent communication throughout the transaction and will be working with us on the lease once a tenant is secured.”
Commercial property agency Innes England brokered the deal.
Director Nick Hosking said: “This was a very rare opportunity to purchase a new build industrial unit in a well-established location close to Rolls Royce, Balfour Beatty and Severn Trent.
“Industrial supply in Derby is presently at a 10-year low and with demand outstripping supply, we saw competitive interest in the unit.”
Nelsons has a team of commercial property solicitors who deal with all types of acquisitions, leases and disposals involving everything from large industrial units to small corner shops.
