Robinson plc, the Chesterfield-based packaging manufacturer, has agreed to sell surplus property at Walton Works and Boythorpe Works.
At the Walton Works property, in Chesterfield, the grade II* listed mill building and the surrounding land (Walton Mill) have been sold for £700,000. Exchange and completion occurred on 6 August.
The sale agreement also includes an overage clause where an additional £315,000 will be payable to Robinson in the event that within 18 months, the new owner re-sells part of the surrounding land to an already identified potential future buyer.
Robinson has also entered an option agreement with the same buyer to sell the Boythorpe Works property in Chesterfield.
The Boythorpe Option attracts a non-refundable fee of £20,000, is for a maximum period of 24 months, is exercisable during this time at the option of the buyer and in addition the buyer would be required to exercise should satisfactory planning permission be granted.
The total consideration payable after exercise of the option is £2.85m, with one third to be paid on completion, one third 12 months after completion, and the final third 24 months after completion.
It follows the business exchanging contracts for the sale of 1.3 acres of the Walton Works property in 2023. The required planning permission has been granted subject to conditions, which are now at an advanced stage, and completion of this sale is expected within the next three months. The property is partially occupied by tenants.
Additionally the firm has recently agreed, subject to contract, to sell three other surplus properties in Chesterfield with an aggregate consideration of just under £1.2m. One of the properties is partially occupied by tenants, with the remainder vacant.
The monies will be used by Robinson to reduce bank debt.
