An historic Leicester industrial estate will continue to trade for the foreseeable future, thanks to its timely purchase by a local property investment company.
Leading Leicester commercial property specialist Andrew and Ashwell acting on behalf of Northern Trust have sold the well known Faircharm Industrial Estate, previously called St Mary’s Mills, to Map Property Investments. The estate is located off Evelyn Drive/Narborough Road and comprises circa 220,000 sq ft.
Northern Trust is a substantial national investment and development company with in excess of 8M sq ft of property assets and had been in ownership of the Estate since June 2001.
The 10.5-acre waterside estate dates from the early 19th Century, when canals were the major means of transporting manufacturing goods. It is currently home to a diverse mix of smaller businesses, including industrial manufacturing and warehousing as well as leisure occupiers.
The site evolved around the Medieval St Mary’s Mill, on the banks of the River Biam, a tributary of the River Soar. The old mill was among the city’s first hosiery factories, later used for rubber manufacture by the former well known local company Dunlop. The site developed rapidly throughout Victorian times into the mid 20th Century.
Earlier in the year occupants had feared that around 200 jobs and 30 businesses would be lost when planning consent was granted for residential development on part of the site.
Mike Allwood, Director at Andrew and Ashwell, said the sale of the estate was one of the largest industrial investment sales in Leicester this year and offered purchasers a good rental income from a multitude of businesses.
“There is a lack of such premises remaining in Leicester following years of redevelopment for alternative uses and tenants looking for economic rentals on flexible terms are struggling to find options. This is attractive to investors and indeed the estate is virtually already 100% let.
Reports that the estate would be turned into housing were very unsettling for the occupants as they would have had little choice in finding affordable alternative premises. The new owners are very keen to put their minds at rest by safeguarding and enhancing the site for its wide-ranging mix of businesses.”
Shajid Latif, managing director of Map Property Investments said:
“Having seen the potential of the property we completed the purchase within 2 weeks from agreeing the transaction, which is incredibly fast bearing in mind the complexities. We are looking to maintain Faircharm as the go to location for tenants in the Leicester market who are looking for economic and flexible leases.”
