Paloma Capital has purchased a 463,000 sq ft Sheffield industrial estate in a deal worth £16.75m and has pledged to invest a further £1m on continued refurbishment.
Tinsley Industrial Estate, located in the Lower Don Valley area of the city, had already received significant investment recently to common areas including new estate signage, resurfacing of estate roads, improved lighting and upgraded 24 hour CCTV.
Now its new owners, London-based Paloma Capital, on behalf of its maiden fund Paloma Real Estate Fund I, will continue with further investment of more than £1m to refurbish vacant accommodation.
Jeremy Collin, director at Paloma Capital, said: “We are pleased with the acquisition of Tinsley Industrial Estate and look forward to continuing with the investment to build on the success of what the previous landlords had started.
“We intend to invest more than £1m in upgrades and refurbishments over the next 12 months to continue to attract high quality occupiers to the estate.
“We can add value through the refurbishment of units back to a high standard of accommodation that satisfies modern requirements. This asset fits perfectly with our focus on multi-let warehousing estates in strong urban locations.”
The Sheffield office of Knight Frank represents the landlord and is marketing the vacant 32,000 sq ft and 8,000 sq ft units. It has recently secured the 40,000 sq ft letting to national karting centre Go Karting for Fun and a 12,000 sq ft letting to Eadie Industries Limited on the estate.
These lettings follow existing tenant, plastics manufacturer Mocap, formerly William Beckett Plastics, expand into 32,000 sq ft on the site, and the relocation of Denton Motors from Bramall Lane to an 8,000 sq ft refurbished unit plus recent moves onto the estate by Ford Windows and Multi Media.
Tinsley Industrial Estate fronts onto both Greenland Road and Shepcote Lane offering quick access to junctions 33 and 34 of the M1. Robin Hood Airport is 25 minutes by car and Sheffield Train Station is a 10 minute drive into Sheffield city centre.
BQ’s commercial property updates are supported by specialist lender Together, which provides funding to businesses and property investors nationwide. With over forty years’ experience in the financial services industry, Together offers short-term finance, auction finance, buy-to-let, residential and commercial mortgages and secured loans.
Read more at http://www.bqlive.co.uk/yorkshire/2017/02/28/news/paloma-acquires-sheffield-industrial-estate-25155/
