US medical device design and manufacturing firm signs 15-year lease on 58,000 sq ft premises
CRT Property Investments, the wholly owned subsidiary of the Coalfields Regeneration Trust, has re-let 58,000 sq ft of industrial warehouse space in Sheffield to a world-leading medical device contract design and manufacturing company.
Orchid Orthopedic Solutions (Orchid) has taken a 15-year reversionary lease on Units 1 and 6 at Parkway Close, Parkway Industrial Estate. The firm is a long-term tenant at the two units.
Headquartered in the USA, Orchid is a worldwide leader of orthopaedic medical device outsourcing, providing contract design and manufacturing services, specialising in implants, instruments and innovative technologies to help with joint reconstruction, spine, trauma, sports medicine, extremities and dental.
CRT Property Investments Ltd acquired Parkway Close in July 2014. The new lease helps to safeguard the long-term investment income which funds the programmes of activity that are delivered by the Coalfields Regeneration Trust across former mining communities.
Property Investment and Development Director for CRT Property Investments Ltd, Shaun O’Brien, said: “We’re extremely pleased to have signed a new lease with Orchid and look forward to continuing to work with them. Parkway Close is well located, close both to Sheffield city centre and to the M1, so it’s easy to see why they have chosen to stay here.”
The Coalfields Regeneration Trust has shared plans for a £40m Coalfield Investment Proposition which would see government provide £30m and the organisation contribute £10m of its own resources. The fund would be used to develop new industrial space to support SME growth in former mining areas and on completion bring an estimated 1,000 jobs to the coalfields over the next five years.
As a result of these developments, over a 25-year period, the Coalfields Regeneration Trust would produce £50m in sustainable income which will be used to support social impact projects creating a wellbeing value of over £500m in the communities and a lasting legacy for the next generation.
An annual income stream of £2m would be directed into social impact projects in the communities, typically achieving the following outcomes; 400 people will be helped back into work; 800 people supported into volunteering; 5,000 people assisted with developing new skills and 8,000 people taking part in activities that improve health.
