Thursday, January 10, 2019

News: Vector 31 back fully let

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The popular Vector 31 commercial development in Rotherham is back up to being 100% let.

Network Space (formerly known as Langtree) has delivered over 160,000 sq ft of industrial space across two phases at its Vector 31 development at Waleswood.

The latest deal sees a 10,000 sq ft unit let to Turners Garage Ltd on a 10-year lease. Based in Selby, Turner's Garage is a family run accident and repair business established in 1968 which works with the UK's major insurance companies and fleet operators for their vehicle accident repair provision.

The move follows on from the company making a £1.5m investment in 2018 in a 22,000 sq ft accident repair facility, creating 40 new jobs in the Doncaster area.

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The Vector 31 lease is the first major deal since Network Space established Network Space Management (NSM) as a business in its own right to broaden its offering. Network Space has over 35 years' experience in managing commercial property and NSM will continue to build on this alongside the investment and development arms of the group.

At the end of 2018, InfraRed Capital Partners Limited acquired a 1 million sq ft portfolio of 25 industrial properties from Network Space, plus two development sites, which will deliver a further 200,000 sq ft, in a deal worth £93m.

As part of the deal, Network Space will actively manage the assets by renewing leases on expiry, letting vacant space and if necessary, undertaking refurbishments across the portfolio.

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Nicky Jones, managing director for NSM, said: "This is an exciting time for the business, having worked with InfraRed for just over one month, we are delighted to have already completed several transactions including bringing Vector 31 back to full occupancy."

Vector 31 comprises nine units and has tenants including Hermes and Century Plastics. Plans are being discussed for ten further units at "Vector 31 West" which could be created on a 8.8 hectare parcel of land across Mansfield Road.

Turner's Garage website
Network Space website

Images: Google Maps

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