12/11/2024
News
Well-timed investment is ready for refurbishment
Eddisons incorporating Banks Long & Co has acted for a private investor client, Castle Square Securities in the acquisition of a 1.56 acre site at Chieftain Way, off Tritton Road, Lincoln, on the south west outskirts of the city.
With 12,345 sq ft of warehouse and associated trade counter sales space, the compound was formerly occupied by the builders merchant chain, Jewson who relocated its operation from there last year (2023) and for whom Nick Dawes of Brown & Co acted in the disposal of the site & premises.
Acquired for an undisclosed sum, the leasehold of the site and buildings, with vacant possession, was marketed with a guide price of £1 million.
Eddisons, on instruction from its client, has also now let 0.67 acres of storage area within the compound on a short term lease to a construction firm working locally on Lincoln’s Western Growth Corridor.
The agency has been instructed to market the built elements of the site following refurbishment.
Eddisons’ Will Wall, who led the acquisition on behalf of Castle Square Securities, said, “The location of the site and the opportunity for increasing yield potential were the drivers of the deal for our client.
“The site is adjacent to Lincoln’s Western Growth Corridor on which construction is now underway - this makes the acquisition even more of a strategic investment for our client in looking to the long term
“The transaction is a mark of confidence in the industrial property market and investor confidence in the enduring appeal of bricks & mortar as an asset class."
