THE FINAL letting at Abbey Trade Park has been concluded resulting in 100% tenant occupancy.
Travis Perkins, one of the largest suppliers to the UK’s building and construction industry, has acquired a 13,000 sq ft industrial unit at the popular trade park in Mansfield, which now dominates the centre of the estate.
The company is part of the wider Travis Perkins Group PLC and includes some of the leading brands within the building and home improvement markets including BSS Industrial, PTS, Keyline, City Plumbing Supplies, CCF, Wickes, Benchmarx, Tile Giant and Toolstation with a combined national network of 1,800 branches.
The UK construction market has been through a period of gloom over recent years but recent economic indicators have shown signs that the sector has finally turned a corner and returned to growth. Travis Perkins has bucked the trend of contraction in the industry over the last few years and has reported year on year increases in pre-tax profits.
The new acquisition is one of the largest in the region for Travis Perkins, which improves its market penetration in the north Nottinghamshire area. The continued success and expansion has also created jobs for the local community.
Martin Beale, regional director of Travis Perkins, comments: “The new location provides good access for our north Nottinghamshire client base. We have made a significant investment in the property over the last few months to provide the right facilities for our customers and to incorporate the familiar green and yellow colour scheme and branding. We look forward to welcoming customers to Mansfield Travis Perkins.”
Scott Osborne from Innes England, who secured the letting on behalf of Abbeyfield Estates, said: “We are delighted to see that, despite the continued struggle for the construction trade, Travis Perkins is continuing to thrive. Those visiting the trade park will appreciate that this is a major investment for the company. The unit had been on the market for a matter of days before Travis Perkins made an initial offer and, although we did receive an alternative offer, our client recognised the covenant strength. I wish all the staff at the Mansfield branch all the best for the future.
Commenting about the wider industrial market, Scott said: “In the current market, modern industrial buildings are relatively sought after – especially for those with decent yard space. We are acting for a number of clients who are desperately seeking units and it is frustrating from an agent’s perspective that stock levels are subdued. Conversely, this does lead to increased competition for good quality commercial properties, which is having a positive resulting impact on both leasehold and freehold prices. For instance, the net figures achieved at Abbey Trade Park are all in excess of £5 per sq ft, which is a healthy figure to achieve after incentives.”
Ian McRae at Chadwick McRae acted on behalf of Travis Perkins and identified the site quickly after the property had become available to the market. He commented: “Travis Perkins had been looking to open a branch in Mansfield for some time and I’m happy to say that the deal with Abbeyfield Estates and Innes England was an easy process for the parties. Mansfield Council was of real assistance with everyone playing their part to make the deal happen.”
The previous letting at the Abbey Park estate was to A-Plant which, similar to other occupiers, was given confidence by leading names such as Travis Perkins and Screwfix already committing to the location. A-Plant is one of the UK’s leading plant equipment hire companies and the Mansfield branch was integral to its overall expansion plans.
The disposals at the Abbey Trade Park development are jointly handled by Laura West of FHP, who commented: “Abbey Trade Park has always proved a popular estate with both local and national occupiers. The units have grown in popularity with businesses wishing to sell to the trade from this prominent and accessible location, next to fellow trade counter operators.”
Steve Cole at Abbeyfield Estates, owner of the trade park, added: “We have been very pleased with the excellent service provided by our agents, and are delighted that Abbey Trade Park is now fully occupied.”
Abbey Trade Park is situated just off the A617 close to Mansfield and is five miles from the M1 and 14 miles from Nottingham. Other occupiers on the estate include Screwfix, Tru Plastics, Yesss Electrical and Hi-Q.