Overview:
A vacant development and asset management opportunity was bought from a family property company in February 2021.
The property comprised a 58,000 sq ft warehouse set upon 6 acres, reflecting a site density of approximately 22%. It is located just off Junction 28 of the M1 motorway where there was significantly limited supply.
Following a short period of marketing, Eurocell Profiles entered into an agreement for a lease (AFL) for 10 years. The AFL was conditional upon a back-to-frame refurbishment being undertaken alongside external works to bring the yard areas back into serviceable use.
The total project timescale was less than 18 months from the date of purchase.
Whilst a refurbishment of the existing building was completed, the property was appraised based upon a worst-case scenario of full demolition and new construction, increasing site cover to an industry standard of 40% either through a single building or a multi-unit development.