Coalfields Regeneration Trust snaps up units for £1.5m
CRT Property Investments Ltd, the wholly owned subsidiary of the Coalfields Regeneration Trust, has announced the £1.5m purchase of Phoenix Riverside in Rotherham.
Supported by Blue Marble Asset Management, the purchase comprises the freehold investment of two detached office buildings, one of which is split into two semi detached units, and an additional development site of approximately 0.6 acres.
Providing a total of 18,856 sqft, with individual suites from 5,150 sqft to 8,498 sqft of office accommodation, the site benefits from good access to Rotherham and Sheffield along the M1 motorway at junction 34.
Tenants include General Dynamics Information Technology, In-Tend and Mencap. Property investment and development director for CRT Property Investments, Shaun O’Brien, said: “This purchase will further strengthen our growing portfolio of commercial developments as we make it clear that we can bring infrastructure, opportunity and stability to coalfield communities.
“With the addition of the 0.6 acre development plot this investment was very attractive and we can also consider how we are going to develop the land to create further benefits to the Rotherham region.
“We would like to thank Blue Marble for their continued support as we look for further commercial investments up and down the country that provide us with viable investment propositions that allow us to continue our work in former mining regions.”
Tim Matthews, Blue Marble Chief Executive, added: “This is an excellent income producing investment with the possibility of further development which we sourced in an off-market deal. We will manage the acquisition actively to optimise our client’s investment.”
While Bluemarble acted on behalf of CRT Property Investment Ltd for the purchase of the site, the vendor, St Pauls Developments, was supported by Knight Frank based in Sheffield.
The Coalfields Regeneration Trust has shared plans for a £40m Coalfield Investment Proposition which would see government provide £30m and the organisation contribute £10m of its own resources. The fund would be used to develop new industrial space to support SME growth in former mining areas and on completion bring an estimated 1,000 jobs to the coalfields over the next five years.
As a result of these developments, over a 25-year period, the Coalfields Regeneration Trust would produce £50m in sustainable income which will be used to support social impact projects creating a wellbeing value of over £500m in the communities and a lasting legacy for the next generation.
