September 4, 2015
LC Industrial, a platform created by Lumina Real Estate Capital and Citivale, has completed a major refurbishment of one of its flagship industrial buildings in South Elmsall, near Wakefield.
LC Industrial acquired the South Elmsall property, situated in Stadium Way, for £4.05 million last year. It was the first acquisition by LC Industrial, which has been formed to buy industrial property across the UK with a war chest of £50 million.
The 44,000 sq ft building, which is currently unoccupied, has had a comprehensive overhaul. It comprises a modern steel-portal framed warehouse with separate car parking and service yard areas.
Peter Evans, associate director of Citivale, explained: “We see this as an excellent opportunity to add value to the property by attracting a prestigious occupier. The offices have been completely refurbished, whilst externally the cladding and windows have been professionally cleaned and all redundant lighting taken down.
“In addition, four new roller doors have been installed, whilst new roof lights have been installed and the roof itself coated. The car park has been pulled up and re-tarmacked and the warehouse redecorated,” he added. “The building was in a neglected state when we bought it, but it now looks fantastic.”
The property, which was previously occupied by food giant Del Monte is situated in the industrial area of South Elmsall, approximately 10 miles between Doncaster and Wakefield and 10 miles south of Junction 33 of the M62 via the new A638 bypass and 10 miles north of Junction 2 of the M18.
Mr Evans commented: “Our collaboration with Lumina is focusing on multi-let estates up to £10m in value. Acquisitions will be all-cash deals with any gearing put in place post- completion.
“The investment approch is to capitalise on strong growth in the UK regional economy by buying secondary assets and repositioning them through comprehensive refurbishment, re-gearing leases and minimising voids. We have a strong pipeline of deals already, including a number of off-market transactions.”
The marketing agents on the building are the Leeds offices of Carter Towler and GVA.
Josh Holmes of Carter Towler commented: “This is a rare opportunity for an occupier to lease a superbly-renovated 40,000 sq ft plus warehouse with offices in a first-class location. There are very few quality sheds of this size available in Yorkshire, due to volume of take-up during the past two years, so we expect a large amount of interest.
“One major selling point is the warehouse’s massive power capacity of 1250 KVA, which is 10 times the normal capacity. That should prove attractive, as should the competitive rent of £4.50 per sq ft, which is very good value, given the quality of the refurbished building,” he added. “Also, the fact that Next and Superdrug have major distribution centres next door underlines the quality of the location.”