Talisman acquires industrial estate for £7.5m

The firm bought Castlefields Industrial Estate in Bingley, north of Bradford, from Parkmount Estates.

The 260,000 sq ft estate contains more than 36 multi-let units and a further 96,000 sq ft of development land.

Around 90 per cent of the park is currently occupied and Talisman, an investment partner of The William Pears Group, plans to renegotiate existing leases with the 12 current tenants.

It is also looking to refurbish the existing units and it said it has received a number of development opportunities.

Martin Hunt, partner for building consultancy firm Powell Williams, managed the due diligence purchase on behalf of Talisman.

He said: “We encountered a few obstacles throughout the course of this acquisition but we worked through a series of historical challenges and are pleased to have concluded a successful outcome for our client.

“This is one of the largest employment sites in the region and the estate is tailor-made for business occupancy, with units suitable for industrial and warehouse use, and excellent road and rail links.”

He added: “Our recommendations for comprehensive improvements and potential redevelopment will ensure a new era for the site, with accommodation to meet the needs of a variety of businesses.”

Powell Williams guided Talisman throughout the acquisition and due diligence process, completing the pre-acquisition survey and providing consultation throughout the negotiations.

Atkinson Associates are retained as letting agents.

The site is located adjacent to the A650 bypass and one-minute walk from Crossflats rail station,

The William Pears Group was formed in 1952 by Bernard Pears and his son Clive, and is still family managed.

The current directors took over the management of the group in 1984 following the death of Clive Pears.

The group’s original activity was commercial property development, but it expanded into property investment in the mid-1960s.

Talisman Global Asset Management was incorporated in 1998 to manage the group’s financial investments including global equity, credit and hedge funds.