A Lincolnshire investor’s confidence in building a speculative industrial scheme – which could create up to 450 jobs – is about to be rewarded.
Padley, which is forging ahead with its Bishops Trade Park in Lincoln, reports that it has secured its first tenant, Toolstation, which is taking 3,085 sq ft of space in Phase A – an area which extends to 22,000 sq ft. The size of the total development is projected to be in excess of 175,000 sq ft.
Commercial agents Banks Long & Co and Shield Estates revealed that expanding Toolstation is the first company to snap-up space at the development now taking shape off Bishops Road, which will provide prospective tenants with trade counter and light industrial opportunities. The firm’s move is expected to create six to eight new jobs (full-time equivalent).
First phase units are available from 3,045 sq ft and second phase properties start at 1,650 sq ft in size with later phases able to accommodate larger units of 20,000 sq ft to 30,000 sq ft.
Excitingly, two other units at the Bishops Road site are also under offer and the agents are in advanced talks with other interested parties. It is anticipated that the development will be completed by the end of October 2019.
Padley’s Commercial Manager Richard Padley believes Padley has chosen the ideal time to bring its Lincoln site into full use.
“We feel the local market conditions are right. There is plenty of evidence of other major investments in this increasingly lively part of Lincoln, which has recently seen the arrival of new supermarkets and retail warehouses – both key signs of developer confidence.
“The location is becoming much more attractive to occupiers as it is poised to benefit from the impending completion of Lincoln’s Eastern Bypass,” said Richard Padley.
“Our new prominent trade counter units are attractive to firms wishing to expand and bring their names to Lincolnshire. We are also targeting growing local businesses which are keen to benefit from having premises which offer them strong visibility and convenience.”
Toolstation, which is part of Travis Perkins, is investing in opening its second branch in the north of the city. The company already has an outlet in Dixon Close on Lincoln’s Sunningdale Trading Estate.
Banks Long & Co Director William Wall said: “We see Bishops Trade Park as vitally important for Lincoln, with the power to provide much-needed employment for the north of the city as it continues to grow and increase in accessibility.
“Trade counter operators like to cluster together and they are drawn by the fact that the area is already established for this use.”
Shield Estates Director Mike Shield said: “It is very satisfying to see that Toolstation has chosen this location for its expansion move and to report that we are in serious talks with other potential tenants.
“Occupiers are also being attracted by the proximity of Tesco Extra, Lidl, Aldi, Jewsons and the recently opened Deacon Retail Park, which includes B&M and Jysk.”
Philip Maclauchlan of Adept Consultancy acquired the premises on behalf of Toolstation and commented: ‘’We are looking forward to opening our second branch in the city as we continue our rapid expansion throughout the country from the current base of 355 trading outlets.”
