Tuesday, May 16, 2017

News: Investor snaps up Rotherham site for £1.4m

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The Rotherham property that is home to Gabbro Precision, a specialist supplier operating in the upstream oil and gas sector, has been sold in a £1.4m deal.

Napier Works, a 2.8 acre site in the Greasbrough Road industrial area of the borough, has gone through a sale and leaseback arrangement which will see Gabbro Precision stay in the three-bay warehouse with engineering, workshop and ancillary office accommodation that totals 71,374 sq ft.

CBRE's Capital Markets Team said that a local purchaser picked up the property.

Fully let to Gabbro Precision, a new three year sale and leaseback deal has been done with a passing rent of £142,748 per annum.

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Headquartered in Sheffield, Gabbro offers integrated metals and manufactured component solutions to customers across the globe through a number of different brands.

The firm dates back to 1992 when it was incorporated as Engineering Special Steels Ltd (ESS). The group of five individual companies was renamed as Gabbro Precision Ltd in 2011.

The Rotherham site is home to two of the group's divisions. Ancon Special Alloy Steels (Ancon) is a key supplier to leading oil and gas companies associated with the subsea market sector, supplying industry specific alloy steels and machined components for critical subsea and wellhead applications. Engineering Special Steels (ESS) supplies companies in the upstream oil and gas sector with downhole semi-machined components.

Robin Bullas, director of Capital Markets at CBRE's Leeds office, said: "Napier Works, which is located in an established industrial area close to the main A630 ring road, is a solid investment opportunity.

"The property was acquired for £1.4m by a local purchaser. This reflects a net initial yield of 9.5%, assuming purchaser's costs of 6.90%."

Knight Frank advised the purchaser.

Gabbro Precision website

Images: Gabbro Precision


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