Monday, November 13, 2017

News: Rotherham business park acquired

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Three buildings at Callflex Business Park in Manvers, Rotherham have been bought by property company, CEG, for an undisclosed sum.

The three detached office buildings, totaling 97,000 sq ft, are multi-let to managed office company, Port@l; property partners, Telereal Trillium; and Keepmoat Regeneration, bringing in a rental income of £766,346 per annum.

The buildings are situated in a prominent position in the established commercial area of Dearne Valley. Other occupiers in the area include Next, South Yorkshire Police and RBS.

Cushman & Wakefield acted for CEG whilst Graham Foxton at Knight Frank Leeds advised the vendor, Bourdon Park SARL.

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Simon Marshall from Cushman & Wakefield's Investment agency team, said: "We were delighted to acquire this asset for CEG as they continue to source value add opportunities nationwide.

"Callflex Business Park benefits from solid underlying fundamentals, with a number of long-term tenants."

Richard Brooke from Cushman & Wakefield added: "Callflex Business Park provides some of the best quality office accommodation within the locality and CEG have an excellent opportunity to further enhance the asset."

CEG has built a portfolio that covers nine million sq ft, with a capital value of around £800m. With one of the most tenant-focused leasing packages in the industry, the company works to turn buildings from empty spaces into thriving offices. For example, at Horizon in Maidenhead, the empty building was transformed with some of the rentable floor space used to build a cafĂ© and gym and the building split into smaller sections with deals to entice tenants.

At the centre of the Dearne Valley Enterprise Zone, Callflex Business Park includes a 35,000 sq ft office and four smaller buildings developed by development and finance company, Cannock Developments in 2002.

Planning permission was refused last year for plans that would allow housing at Building 7 on Callflex Business Park. Empty for ten years, applicants Castan Ltd proposed that the building could be subdivided into 62 separate dwellings.

CEG website

Images: Telereal Trillium

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