Derbyshire warehouse sold in £13m deal

A Derbyshire industrial building has been sold for £13m.

Harris Lamb’s business investment team was instructed by Garner Holdings to market the 178,000 sq ft Liniar House, a new-build two-bay warehouse at Denby Business Park, let HL Plastics Limited, an supplier to the construction sector.

Neil Harris, director at Harris Lamb, said: “This was a rare opportunity to purchase a prime, long-let freehold site in a strategic East Midlands location, and as such, attracted a significant amount of interest from UK investors.

“HL Plastics, whose headquarters is also located at Denby Business Park, moved into this building upon its completion in February 2017 on a 20-year full repairing and insuring lease.

“With a commencing rent of £890,365 per annum, and with upward only open market rent reviews on a five-yearly basis, there was a strong demand from potential buyers to secure the property”

Justin Marshall of Garner added: “The value of this sale wasn’t simply dictated by the tenant’s strong covenant and the longevity of the lease, but also by the long-term development forecast for the site and surrounding area.”