Investor snaps up 113,000 sq ft industrial park in multimillion-pound deal
Register for free to receive latest news stories direct to your inboxRegister
An eight-acre city-centre industrial park has been snapped up following a multimillion-pound deal brokered by commercial property agent Innes England.
Bar Lane Industrial Park, in Basford, Nottingham, includes 113,000 sq ft of industrial accommodation let to over 20 tenants and has been sold to Meadow Lane Services.
The site, which will continue to be run as an industrial estate, proved to be highly attractive due to its underlying development potential for a mixed-use scheme.
Scott Osborne, director at Innes England who secured the sale said: “We are really pleased to have got this substantial deal over the line. It is a sizeable deal with well-established industrial accommodation and is in the perfect location close to the city centre. We received a lot of interest early on, due to the size and scale of the estate but I am now pleased it has been secured for a large amount and we wish Meadow Lane Services the best with the site moving forwards.”
Dritan Skenderaj, director at Meadow Lane Services, said: “We are really pleased to have secured the site at Bar Lane Industrial Park. As well offering large industrial space, it is in close proximity to the city centre, and will certainly appeal to a number of businesses looking for somewhere new or to expand. We are excited to provide local businesses with an excellent central hub to grow from and offer the space they need to help their business be a success.”
Matt Hannah, managing director at Innes England, said: “We have been advising on the site for some time with our development services reviewing the opportunity, the management team taking over the day-to-day operations and our agency team selecting active buyers with direct approaches leading to a successful sale.”
Brett Artus, asset manager for the private vendor, said, “We are delighted with this result. With our professional team at Innes England and Waymark we have worked hard to try and maximise the potential of this site and we are confident that Meadow Lane Services will make the most of that potential.
“Innes England and Waymark have provided considerable expertise in preparing the site for sale and managing a very well targeted marketing campaign. Their unrivalled local knowledge generated considerable interest and ultimately secured the sale. My client is very pleased and I would like to thank all involved at Innes England and Waymark for their professionalism and commitment throughout.”
Innes England and Heb Surveyors have now been retained by the purchaser to act as agents on the site and continue to let vacant units.