Rural estate snaps up Nottinghamshire industrial park

An historic Derbyshire rural estate looking for higher yields has bought an industrial estate in a former Nottinghamshire mining town.

Tissington Hall near Ashbourne, built by Frances FitzHerbert in 1609 is today run as a wedding venue by descendant Sir Richard and Lady Fiona FitzHerbert.

Their investment vehicle Turpin Investments has acquired the 1.4-acre Croft Industrial Estate in Sutton-in-Ashfield at just shy of £1m for a gross initial yield of 8.12%.

The rent roll totals £80,565 pa from 10 units from 660 to 7,072 sq ft and totalling 18,518 sq ft. Turpin Investments has instructed Fisher German to manage the estate and collect the service charge for maintaining the common parts of the site.

Fisher German are managing the handover of landlords, tidying up the estate, looking at development options for vacant space and considering other ways to improve the estate and enhance yields and capital values.

Fisher German associate commercial surveyor Rob Haigh said: “The new owners are bringing their Estate skills to the site that has been largely unloved by the previous corporate owners, so the immediate priority is a smarter appearance, new signs and other plans to improve the tenant experience.”

Sir Richard said: ”We are keen to develop better working relationships with all the tenants.”