Harworth Group plc has now fully let Sinfin Commercial Park in Derby following the completion of two new lettings.
Unit F, a 64,185 sq. ft warehouse, has been let to logistics service provider ATL. In addition, Advanced Pipe Inspection (UK) Ltd., pipe leak inspection and detection specialists, has agreed to let Unit D3, a 2,990 sq ft unit.
Both units have been let on a five-year lease term, which is expected to add an additional £250,000 to the annual rental income generated from the park.
Located just three miles from Derby City Centre and adjacent to Rolls-Royce’s worldwide headquarters, Harworth bought Sinfin Commercial Park in September 2015 for £7 million as part of its strategy to improve the quality of its recurring income portfolio. The park is now fully occupied with over twenty tenants, including Network Rail and Morgan Technical Ceramics.
Callum Foley, Assistant Asset Manager, Harworth Group plc, said: “These two lettings add over a quarter of a million pounds of new rental income, ultimately supporting Harworth to cover its business costs as it expands its presence across the Midlands. Fully letting Sinfin Commercial Park is a key business and personal milestone and I thank our advisors for their diligence in getting these and other deals over the line in 2018.”
Chris Wright, Associate Director, Innes England, said: “The industrial market continues to go from strength to strength and this particular scheme, located as it is, near to Rolls Royce’s world-wide civil aerospace HQ continues to prove attractive. Harworth Group’s hands on asset management has greatly assisted in the success of the scheme and obviously we are delighted the scheme is now fully occupied.“
Jon Ward, Managing Director at ATL, said: “Over the last five years, we’ve doubled in size so we’ve been looking for additional storage to accommodate this growth and meet increasing customer demand. We are therefore pleased to acquire the new warehouse in Sinfin to be used as further storage space for two of our key customers and help us on our journey to develop into a key logistics hub in the heart of the country.”
Innes England and Keebles LLP acted as advisors to Harworth on both deals.