Talisman Properties has agreed a GBP7.5m deal for the Castlefields Industrial Estate in Bingley, north of Bradford.
Previous owner Parkmount Estates has let go of the 260,000 sq ft mixed-use estate, which features more than 36 multi-let units and a further 96,000 sq ft of land primed for development.
Around 90 per cent of the park is currently occupied and Talisman, an investment partner of The William Pears Group, plans to renegotiate existing leases with the 12 current tenants. Enhancement of existing units is also being implemented and development opportunities received.
Martin Hunt, partner for building consultancy firm Powell Williams, managed the due diligence purchase on behalf of Talisman. He says: “We encountered a few obstacles throughout the course of this acquisition but we worked through a series of historical challenges and are pleased to have concluded a successful outcome for our client.
“This is one of the largest employment sites in the region and the estate is tailor-made for business occupancy, with units suitable for industrial and warehouse use, and excellent road and rail links. Our recommendations for comprehensive improvements and potential redevelopment will ensure a new era for the site, with accommodation to meet the needs of a variety of businesses.”
Powell Williams guided Talisman with advice throughout the acquisition and due diligence process, completing the pre-acquisition survey and providing consultation throughout the negotiations.
Attkinson Associates are retained as letting agents.