Manufacturing site sold in £4.3m deal

Ivygrove Developments has bought the former Crystal Martin site on Kirkby Road in Sutton-in-Ashfield in a deal worth £4.3m.

The manufacturing facility includes 216,347 sq ft of industrial/warehouse and office accommodation. The Derby-based commercial property investment firm will redevelop the site into a multi-let business park, which they will retain as an investment asset.

Crystal Martin has taken a short-term lease back of approximately 25% of the property.

Ian Muxlow, director in the commercial team at Savills Nottingham, who brokered the deal, said: “The former Crystal Martin site provided a rare opportunity for the purchaser to acquire a significant freehold site in a great location fronting on to two main roads including the busy A38 with excellent connectivity to the M1. This sale proves that significant demand remains for good quality industrial space in the region despite current market uncertainty in some sectors. The sale was agreed via informal tender and we received multiple offers from a range of regional investors and developers who are still keen to progress projects.”

Ivygrove Developments was advised by JLL.