Expanding Company Shows Demand for Refurbished Commercial Property
17th July 2013
A company that manufactures and sells consumables for the printing and packaging industry has bought an industrial unit in Alfreton in a deal done by NG Chartered Surveyors.
CITO UK Ltd bought the 10,000 sq ft warehouse at Wimsey Way in the Alfreton Trading Estate to accommodate its expansion into new products and services, which includes CITO FormLine – a range of innovative die-making tools.
NG Chartered Surveyors sold the property on behalf of Saxondale Properties. Property investors Saxondale originally bought the property in a deal completed by NG and retained the building to complete a six figure refurbishment project.
Henry Henson, of NG Chartered Surveyors, said: “It’s always satisfying to complete a deal which is for a thriving company looking for a new premises to accommodate business growth.
“We were able to complete the sale and finalise the deal in quick time and to the satisfaction of our client.
“The deal shows how there is great demand to refurbish existing commercial property and people are willing to pay a premium to do so. This is because there is currently a distinct lack of good quality commercial property on the market at the moment, due to the shortage of new commercial property being built.
“This deal is for a large industrial unit which had lots of potential when it was originally bought. Now that it has been re-developed it has spent very little time on the market before being snapped up.”
CITO UK has been trading for over 25 years. It has seen continual growth over the past two years and needed a larger office and warehouse. The company is also taking on new members of staff now that it has more space.
The company is planning to spend another £105,000 refitting the Wimsey Way property to ensure it suits their requirements.
John Bray, managing director of CITO UK, said: “We’re delighted to move to new premises in Alfreton. We are an expanding company with an increasing range of new products and services, so we needed a new industrial unit to accommodate this growth.
“NG Chartered Surveyors completed the deal and made sure everything ran smoothly. We wanted to ensure we moved to an industrial unit which had the potential to be exactly right for us and meet all of our requirements,” John added.
Andrew Saxondale at Saxondale Properties said: “We’re a property investment firm and we’re always looking to boost our portfolio. I’ve known Richard Sutton for years and he told me about the property on Wimsey Way. There wasn’t much of that size on the market as a freehold.
“Although the property was in good condition when we bought it, it was ripe for further development. We put in new lighting, a new office suite, removed the internal walls, replaced the roof lights and repainted the whole place. We also installed bigger and more secure gates at the front of the property.
“After we did this work the property was much more valuable. I’m thrilled that the team at NG sold the property – and in such a short space of time. It’s been a good return on my investment. NG has a good knowledge of the local area and sold the property within three months of putting it to market.”