CRT Property Investments Ltd, the wholly owned subsidiary of the Coalfields Regeneration Trust (CRT), has announced the £1.5m purchase of Phoenix Riverside in Rotherham.
Based in Barnsley, CRT is an independent regeneration organisation that was established in 1999 to improve the quality of life in Britain's coalfield communities. Responding to the challenge from Government to become self-financing, the trust launched property companies to provide a return that will continue to allow it to create programmes that meet with the diverse and complex needs of the communities throughout the UK.
The latest deal was supported by Blue Marble Asset Management, and comprises the freehold investment at the Templeborough development.
Regeneration specialist St Paul's Developments identified the six acre site as prime for commercial development some years ago due to its prominent frontage on to Sheffield Road and proximity to both Rotherham town centre and Junction 34 of the M1.
The local developer created 26,000 sq ft of office space and this deal is for 18,856 sq ft of space - two detached office buildings, one of which is split into two semi detached units, and an additional development site of approximately 0.6 acres.
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Tenants include General Dynamics Information Technology Limited, providing technologies, products and services in support of various programmes for a range of military, civilian, government and commercial customers; In-Tend Limited, a University of Sheffield subsidiary specialising in e-procurement and The Royal Mencap Society, the UK's leading learning disability charity.
Shaun O'Brien, property investment and development director for CRT Property Investments Ltd, said: "This purchase will further strengthen our growing portfolio of commercial developments as we make it clear that we can bring infrastructure, opportunity and stability to coalfield communities.
"With the addition of the 0.6 acre development plot this investment was very attractive and we can also consider how we are going to develop the land to create further benefits to the Rotherham region.
"We would like to thank Blue Marble for their continued support as we look for further commercial investments up and down the country that provide us with viable investment propositions that allow us to continue our work in former mining regions."
Tim Matthews, chief executive at Blue Marble, added: "This is an excellent income producing investment with the possibility of further development which we sourced in an off-market deal. We will manage the acquisition actively to optimise our client's investment."
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While Blue Marble acted on behalf of CRT Property Investment Ltd for the purchase of the site, the vendor, St Pauls Developments, was supported by Knight Frank based in Sheffield.
The Coalfields Regeneration Trust has shared plans for a £40m Coalfield Investment Proposition which would see government provide £30m and the organisation contribute £10m of its own resources. The fund would be used to develop new industrial space to support SME growth in former mining areas and on completion bring an estimated 1,000 jobs to the coalfields over the next five years.
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