Leading property consultancy Commercial Property Partners LLP (CPP) has facilitated the off-market sale of an 90,000 sq ft property in North Derbyshire on behalf of Manchester-based investment company MCR Property.
Situated on a prominent site in Chesterfield Town Centre and home to a myriad of businesses including retailers, a Kwik-Fit, the central Job Centre and 20,000 sq ft of offices, Markham House was acquired by local Chesterfield based Property Investment Company Lodge Farm Estates for an undisclosed sum in September, representing the single largest transaction in Chesterfield Town Centre for many years.
Plans are now afoot for a full refurbishment of the mixed-use site, which has an annual investment net initial yield of 11.75%, with the new owners looking to bring the building ‘back up to a modern standard’.
Rob Darrington, Partner at CPP, said: “Markham House is situated in a very prominent position in Chesterfield, which is a significant factor in its success attracting such a unique mix of tenants – from retailers, through to office-based businesses and service providers.
“I’m sure this will be a great addition Lodge Farm Estate’s portfolio due to its size and potential for future development – providing the much needed town centre office accommodation and retail space, which is high in demand – and we were delighted to have facilitated its sale off-market.”
Commenting on the site acquisition David Tate, Lodge Farm Estates Director, said: “Markham House offers a significant opportunity to Chesterfield Town Centre.
“It is our intention to refurbish the property and bring it back up to a modern standard to offer good quality, functional space for a variety of uses, well needed by business in the region. The property will offer a variety of accommodation from traditional office suites between 1,000 sq ft – 10,000 sq ft, to self contained small studios suitable for private gym uses, medical purposes or similar.”
