Two industrial units have been acquired by Clearbell Property Partners III LP (Clearbell) in a multi-million pound deal facilitated by leading commercial property consultancy Commercial Property Partners LLP (CPP).
Spanning in excess of 170,000 sq ft, the assets have been added to the Cara portfolio; a UK-wide portfolio focused on small-to-medium sized warehouses and industrial estates which is focused on suburban locations with limited supply.
In the deal worth £8.75m, Lilac Grove – a 70,000 sq ft unit in Beeston which is currently let to tenant BW Flexible Systems UK Ltd – and Crown Farm Way – a 107,000 sq ft industrial estate in Mansfield – have been acquired.
Plans to refurbish and further improve the assets have been announced.
Roger Haworth, Partner at CPP, said: “These are two excellent acquisitions for Clearbell, with both sites offering excellent access to major transport links, as well as Mansfield and Nottingham. Demand for high-quality industrial space in the Midlands continues to grow with tenants looking to take advantage of the central location and surrounding amenities.”
Dominic Moore, Head of Asset Management & ESG Director at Clearbell Capital said: “There is growing demand for appropriate industrial space in the East Midlands.
“Yet land ripe for industrial development in urban and suburban locations is being snapped up by residential developers, squeezing industrial/warehouse supply. This presents an investment opportunity. These acquisitions diversify the existing Cara portfolio, adding another region to the portfolio.”