Loughborough manufacturing firm expands into Nottingham

Loughborough electrical power firm EPS is expanding into Nottingham after buying a 12,000 unit on Freeth Street in Nottingham.

The building was previously used by life sciences consulting firm Parexel as a call centre.

EPS makes products for the switchgear industry. Earlier this year it won a multimillion pound Network Rail contract. The firm said at the time it hoped to take on another 25 staff on the back of the deal which could be worth over £15m over five years.

Mark Tomlinson of FHP Property Consultants who brokered the deal said: “This most recent sale follows a string of sales on these properties on Freeth Street.

“In 2015 we completed on five units to a range of local occupiers. Such, was the interest received in Units N & O Freeth Street we brought the marketing to a competitive bidding process with a number of parties, eventually achieving the full asking price for the property.

“There remains a squeeze on the supply of industrial properties generally, especially on a freehold basis in locations such as this and as a result, we are seeking a continued improvement in values being achieved.

“We remain hopeful that capital and rental values will continue to improve in this sector in order that we can see the return of speculative development which would undoubtedly alleviate this squeeze on available stock and allow businesses to expand.”