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A significant off-market sale of a prestigious industrial/warehouse development points to rising transactional activity within Corby’s tightly-held industrial property market.
The sale of Alpha Court to Cavenham Estates - a 51,000 sq ft, 10 unit scheme - within the Centrix Industrial & Distribution Park at Phoenix Parkway has recently been negotiated by commercial property agent Prop-Search.
Alpha Court was constructed in 2007 by Derbyshire based Clowes Developments - one of the last speculative industrial schemes to have been completed before the onslaught of the recession. It is home to occupiers including HSS, Screwfix, Crown Decorating, Larsson UK, Pumpkin Print, Zwanenburg Food UK and Plant Lipids.
Julian Tolhurst, a Director of Cavenham Estates, said: “We are delighted to have secured this investment acquisition having owned property in Northamptonshire for a number of years, including others in Corby. The premium quality and location of the asset, and strong lease covenants, presented a compelling investment proposition.”
He continued: “This is an excellent scheme - we believe the best in Corby within its size range - as reflected in the number of lettings secured in recent years and the fact that there is only one unit vacant.”
Ian Harman, a Director of Prop-Search, added: “Opportunities for prime industrial investment have been extremely limited in recent years, resulting in a real weight of pent-up capital chasing opportunities, both on-market and off-market. In particular, the investor appetite for well-located assets with strong lease covenants or value-add upswing, in the premier industrial locations with strategic access to major arterial roads, is extremely strong.”
Prop-Search has subsequently been retained to identify an occupier for the vacant unit comprising 3,950 sq ft. Features of the accommodation include a minimum eaves height of 6.78 metres, up and over loading door to 5 metres and generous parking/loading areas. It is offered to let on a new lease for a term to be agreed.
Further information or advice can be obtained from Prop-Search - Tel: 01604 492000 / 01933 223300 or its website: www.prop-search.com