Empty Sheffield industrial park to receive new lease of life with major transport routes

Investors are offering the chance for potential occupiers to reconfigure a currently unrefurbished unit facing one of Sheffield’s busiest arterial routes.

3 Tinsley Depot is available through the Sheffield office of Knight Frank, as well as two other vacant premises located on the estate in the Lower Don Valley area of the city.

London-based Paloma Capital, on behalf of its maiden fund Palma Real Estate Fund I, purchased the 463,000 sq ft Tinsley Industrial Estate in February 2017.

Paloma says it will also invest in the site for the right occupier, and is open to occupiers looking at potential trade counter or other retail options.

A £1m redevelopment programme has already begun with a £550k refurbishment project now recently completed to transform two units of 11,300 sq ft and 5,778 sq ft on the 23-unit park to include an extra loading yard taking the place of a former building.

Rebecca Schofield, a partner at Knight Frank, said: “Tinsley Industrial Estate has already received significant investment to common areas including new estate signage, resurfacing of estate roads, improved lighting and upgraded 24 hour CCTV.

“This new investment phase represents a major push on site to bring these units back up to a high standard that satisfies modern requirements and transform a derelict site back into use. Demand for these type of units outstrips supply.

“The estate has already performed well attracting new tenants and encouraged existing tenants to renew leases. Its location, [with] access to the M1 motorway and Advanced Manufacturing Park, means we have already seen strong interest ahead of practical completion in June.”

Tenants of the estate currently includes: Go Karting for Fun; Eadie Industries Limited; plastics manufacturer Mocap; Denton Motors; Lanes Group; Belgrave Motors; Yesss Electrical; A-Plant and most recently, Galaxy Insulation.

Jonathan Hodgson, of Howlings Hodgson, has acted as the landlord’s advisor since January 2015. He added: “This estate continues to demonstrate that if you present space well and price it sensibly then businesses will commit longer term to it.

“The average lease length on this estate has tripled since 2015 and the general occupier mood couldn’t be more different from what it was. We have two units currently available, both of which benefit from new roofs, yard space and a comprehensive refurbishment.

“We already have strong interest so we’re not expecting them to be available long. Credit must be given to Paloma for being bold with their refurbishment plans.”

Paloma Capital has now acquired more than 40 industrial assets, eight retail parks and three office buildings since its launch in December 2015.

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