FHP COMPLETE SALE OF URBAN ROAD BUSINESS PARK

Investment News

FHP Property Consultants are delighted to announce the sale of Urban Road Business Park in Kirkby in Ashfield on behalf of LPA Receivers Edward Symmons.

The property comprises a range of self-contained industrial units totalling 43,673ft² on a two acre site close to the Train Station in the Town.  The property was 50% occupied at the time of purchase, representing an attractive asset management opportunity.

Mark Tomlinson, Surveyor in FHP’s Insolvency Team, commented:-

“This site had fallen on hard times in the last few months and needed a fresh approach to enable us to offer an attractive purchase opportunity which involved various site works and lease re-gears.  A pragmatic approach from the Receivers assisted the process greatly, allowing us to complete a sale by formal tender just six months from initial instructions”.

Innes England acted on behalf of the Purchaser in the transaction.  Scott Osborne, Associate Director at Innes England’s Nottingham office, said:-

“I am pleased with the result we achieved in the acquisition of this freehold industrial investment and delighted to be able to provide future advice.

“There remain a number of vacant units within the business park, which means that there is an immediate opportunity to increase the income stream.

“My client also recognises the benefit of improving the workshop and storage space, which will be refurbished in due course to provide good quality accommodation. This should not only protect the investment but will also enable us to let the space more quickly to new tenants.”