A MAJOR refurbishment of a flagship industrial building near Wakefield has been completed.
LC Industrial, a platform created by Lumina Real Estate Capital and Leeds-based Citivale, has completed the work at one of its buildings in South Elmsall.
LC Industrial acquired the South Elmsall property, situated in Stadium Way, for £4m last year. It was the first acquisition by the company, which has been formed to buy industrial property across the UK with a war chest of £50m.
The 44,000 sq ft building, which is currently unoccupied, has had a comprehensive overhaul. It comprises a modern steel-portal framed warehouse with separate car parking and service yard areas.
Peter Evans, associate director of Citivale, said: “We see this as an excellent opportunity to add value to the property by attracting a prestigious occupier.
“The offices have been completely refurbished, whilst externally the cladding and windows have been professionally cleaned and all redundant lighting taken down.
“In addition, four new roller doors have been installed, whilst new roof lights have been installed and the roof itself coated. The car park has been pulled up and re-surfaced and the warehouse redecorated.
“The building was in a neglected state when we bought it, but it now looks fantastic.”
The property, which was previously occupied by food giant Del Monte, is situated in the industrial area of South Elmsall, about 10 miles between Doncaster and Wakefield and 10 miles south of Junction 33 of the M62 via the new A638 bypass, and 10 miles north of Junction 2 of the M18.
Mr Evans said: “Our collaboration with Lumina is focusing on multi-let estates up to £10m in value. Acquisitions will be all-cash deals with any gearing put in place post-completion.
“The investment approach is to capitalise on strong growth in the UK regional economy by buying secondary assets and repositioning them through comprehensive refurbishment, re-gearing leases and minimising voids. We have a strong pipeline of deals already, including a number of off-market transactions.”
The marketing agents on the building are the Leeds offices of Carter Towler and GVA.