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Ivygrove Developments acquire BemroseBooth site for just under £3m
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Derby-based property developer Ivygrove Developments Ltd has acquired the Nottingham Road premises of security printer BemroseBooth for just under £3m – and announced a £500k refurbishment.
The eight-acre site, which includes 180,000 sq ft of warehouse and office accommodation, will be turned into a multi-purpose industrial park similar to Ivygrove Development’s Riverside Park on Raynesway.
The deal was completed by a team lead by commercial property partners Lewis Rose OBE and Beverly Simms from Derby law firm Flint Bishop LLP. Funding was provided by NatWest Business & Commercial Banking.
John Blount, chairman and managing director of Ivygrove Developments, said: "I was delighted that we emerged as the successful bidder for this prestigious site and when completed and fully occupied, this will undoubtedly be one of our best investments.
"There is already demand for space as it is difficult to get this kind of square footage elsewhere in the city."
"The strength of Ivygrove Developments is that it has good rental income which gives it the borrowing capacity to carry on while few people are building due to empty property rates.
This is Ivygrove Development’s second significant investment this year, having acquired the former four acre Sawley Packaging site from Rolls-Royce PLC, which is being developed into a multi-purpose industrial site. This, together with the BemroseBooth site, will enable Ivygrove to accommodate a wide range of industrial requirements, with space ranging from 2,000 sq ft to 100,000 sq ft, both for sale and to let.
Mr Blount continued: "Having the BemroseBooth and Sawley sites means being able to offer a wide range of accommodation that few developers, if any, can match. Rolls-Royce and Bombardier form the backbone of Derby's future prosperity and the dozens of local companies that these giants of industry employ as sub-contractors require a wide range of industrial space.”
"I think 2010 will see a definite improvement in the economy with confidence returning and local companies doing well.”
Lewis Rose OBE, commercial property partner at Flint Bishop LLP, added:
“We are pleased to have been able to assist Ivygrove Developments with the acquisition of this high profile site for redevelopment.
“As one would expect from a site of this significance, considerable interest was shown from both developers and owner occupiers and we were keen to complete the deal as swiftly as possible.
“The deal involved a team of lawyers from our commercial property and construction departments.
“This is a considerable acquisition in a challenging market and represents Ivygrove Developments’ confidence in the market going forward. We are delighted to have been able to assist the company in expanding its property portfolio in the city.
Tim Wolfe, of NatWest Commercial Banking in Derby, worked on the finance deal for the acquisition of both the Nottingham Road and Wayzgoose Drive sites.
He said: "We are delighted that Ivygrove has acquired such a prestigious site for redevelopment."
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