Castle Square Securities has acquired the leasehold of site and buildings on a 1.56-acre site on Chieftain Way of Lincoln’s Tritton Road for an undisclosed sum.
With 12,345 sq ft of warehouse and associated trade counter sales space, the compound was formerly occupied by the builders merchant chain Jewson, which moved last year. Addison’s incorporating Banks & Long acted for Castle Square Securities over acquisition of the site, which has been marketed with a guide price of £1 million. Nick Dawes of Brown & Co acted in the disposal of the site & premises.
Eddisons, on instruction from its client, has also now let 0.67 acres of storage area within the compound on a short term lease to a construction firm working locally on Lincoln’s Western Growth Corridor.
The agency has been instructed to market the built elements of the site following refurbishment.
Eddisons’ Will Wall, who led the acquisition on behalf of Castle Square Securities, said, “The location of the site and the opportunity for increasing yield potential were the drivers of the deal for our client.
“The site is next to Lincoln’s Western Growth Corridor on which construction is now under way – this makes the acquisition even more of a strategic investment for our client in looking to the long term.
“The transaction is a mark of confidence in the industrial property market and investor confidence in the enduring appeal of bricks & mortar as an asset class.”
