Rotherham
Hellaby Industrial Estate
The estate is located just off Junction 1 of the M18 and comprises a multi-let industrial estate of three detached warehouse units of varying specification and height.
At the time of acquisition, the estate presented poorly. The common areas were neglected and in need of improvement. The branding/signage of the estate was non-existent with no prominence or appeal. The opportunity arose to refurbish and reconfigure the existing space to appeal to both trade operators and for warehouse storage/distribution.
There was a low average passing rent of £2.95psf on acquisition. The first investment management initiative – £20psf refurb on smaller units led to a rental increase of 134% to £6.90psf (with Screwfix secured as anchor trade tenant). The second investment management initiative – an amalgamation of two units and comprehensive refurb at a cost of £23psf (32,000 sq ft) – is forecast to increase the rent by 244% from £1.89psf to £6.50psf.
The estate has uniform branding with secured yard areas. Inherent reversion has been captured through refurbishment, which has transformed the look and feel of the estate.
