Friday, September 8, 2017

News: £2m deal for Rotherham warehouse

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A Rotherham warehouse has been sold for more than £2m in a sale and leaseback deal to investment and development specialists Network Space.

Following the deal, specialist healthcare equipment distributors Harvest Healthcare Limited will remain in its 36,000 sq ft headquarters, Sheaf House, on Bradmarsh Business Park in Templeborough.

Harvest Healthcare manufacture and distribute quality healthcare equipment to the NHS, care home and community markets, throughout the UK and internationally.

Andy Groves, of Harris Lamb's Investment team which provided insight and advice to the firm, said: "We were able to provide the business with advice and recommendations on a sale and leaseback of Sheaf House, in relation to lease terms, rent and achievable sales prices, and subsequently we were instructed to place the building on the investment market."

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Having set a market price of £1.9m, representing a yield of 8.1%, with a five-year lease to Harvest Healthcare, the business reported strong interest generated from a wide range of investors, property companies and high net worth individuals, who were then invited to submit best and final bids for the property.

Further to multiple bids, a sale was agreed with Network Space for a sum in excess of £2m.

Groves added: "We are delighted with the level of interest generated on this investment opportunity and the subsequent outcome for our client.

"In spite of the current wider economic uncertainties, investor appetite for good quality industrial stock remains extremely robust and shows no signs of cooling off, and sale and leaseback deals of this kind represent an extremely attractive opportunity."

Formerly Langtree, the rebranded Network Space was established in 1982 and directly owns and manages an investment portfolio of over 3 million sq ft of modern industrial and office developments across 60 locations with a combined value of over £130m, the majority of which has been self-developed.

Rotherham property in the Network Space portfolio includes Vector 31 at Waleswood and Century Park in Manvers. It acquired a unit at Centurion Business Park in Templeborough last year.

Commercial Property Partners advised Network Space.

Network Space website
Harvest Healthcare website

Images: Harvest Healthcare


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