A developer is planning to create a new business park after sealing a deal for a Nottinghamshire manufacturing site.
Ivygrove Developments has bought the Crystal Martin site, in Kirkby Road, Sutton-in-Ashfield, for £4.32 million.
Set across 11.54 acres, the manufacturing facility comprises 216,347 sq ft of industrial/warehouse and office accommodation, set across nine buildings.
Following the acquisition, Ivygrove plans to redevelop the site into a multi-let business park, which it will retain as an investment asset.
The deal was secured by Savills, which acted on behalf of Crystal Martin Holdings.
As part of the deal, Crystal Martin has taken a short-term lease back of approximately 25% of the property.
An additional 150,000 sq ft also remains available to lease, which, according to Savills, has already generated strong interest from occupiers seeking additional storage space within the East Midlands.
More Derbyshire commercial property stories
Ian Muxlow, director in the commercial team at Savills Nottingham, said: “The former Crystal Martin site provided a rare opportunity for the purchaser to acquire a significant freehold site in a great location fronting on to two main roads including the busy A38 with excellent connectivity to the M1.
Most Read
“This sale proves that significant demand remains for good quality industrial space in the region despite current market uncertainty in some sectors.
“The sale was agreed via informal tender and we received multiple offers from a range of regional investors and developers who are still keen to progress projects."