Property firm reveals multiple Midlands site acquisitions
Midlands-based property developer and asset manager, Rotherhill Developments has completed several acquisitions in the first half of 2024.
Sites acquired include industrial premises in Nottinghamshire, Rugby, King’s Lynn, Barnsley and Leicestershire, expanding the business’s geographical reach.
Out of the six sites, five are income-producing with short-to-mid-term lease events.
The 50,000 sq ft Rugby premises are currently vacant, with the developer committing over £1m to a building contract to future-proof the site.
Owner, Paul Bagshaw said: “It’s been a busy period for us having recruited Stuart Waite from Commercial Property Partners, promoting Ed Jeffrey to Director in recognition of all his hard work over the last five years, and in addition, managing to acquire six assets totalling some £15m with our long-standing partners and funders.”
“The assets purchased have widened our geographical spread from King’s Lynn to Yorkshire and the lot sizes have been in our traditional ‘sweet spot’ of £1m to £5m.”
Director, Ed Jeffrey, said: “Whilst the occupational and investment markets are rebalancing, there remains a good level of activity in the small to ‘mid-box’ industrial sector, which is our key area of focus. We are continuing to see good buying opportunities, with and without income, for well-located existing industrial units that are sub 75,000 square feet, up to 30 years old and in need of refurbishment and improvement.
“At the smaller end of the market, the lack of new supply over the last 10 years, coupled with current development viability constraints, presents short-term reversionary rental potential for standing stock and a positive outlook for future growth in both rents and capital values.”
