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Denham Business Park - Brunel Drive, Newark

Completion date: 01 November 2023
Location: Denham Business Park, Brunel Drive, Newark

Project Introduction

We purchased this 1.72 acre site with 17,000 sq ft of existing buildings in late 2023. Located in the heart of Newark on Trent’s main commercial trading estate and occupying a prominent main road location it attracted a large amount of interest in the freehold. We secured the purchase by working with the existing haulage business who wished to retire on a timeline to suit both parties and attaining vacant possession whilst allowing them to dispose of the trading businesses assets. Once vacant possession was attained we looked at repurposing the site as there was only 22.6% of site coverage by buildings.   

Location

The site occupies a prominent position on Brunel Drive, the principal spine road running through the Northern Road Industrial Estate. An established trade counter location, with neighbouring occupiers including Howdens, Magnet, Screwfix, ATS and Travis Perkins, to name but a few.

Refurbishment of the existing site

We refurbished existing buildings with redecoration, LED light fittings, new emergency lighting and exits, shutter door refurbs, landscaping and decommissioning of onsite fuel storage tanks and pumps.

Strategy

Working with our agents we marketed the site with every option possible including full site lease/sale and individual building lease/sale opportunities.

Challenges & Needs

Local Demand

Originally intended as an addition to Harlaxton Estates rental portfolio a local buyer wanted to purchase the only self-contained warehouse on the site of 5300 sq ft. A decision was made to split the site and sell this warehouse to allow the buyer to expand its Newark based business and sold within 6 months of original purchase date. It clearly demonstrated to us the strong demand for existing built space in Newark.

Uplift in the market

2024 has seen a large amount of enquiries for the remaining vacant building space but our desire ideally was not to split into too many units as there were 5 available plus offices. We secured 2 separate lettings for the whole of the remaining space with occupiers from the innovation and R&D sectors with the view to expand and create an innovation site.

Supporting and Investing in the local community

With this being our 7th major site in Newark it demonstrates our investment and commitment to the local economy. Understanding and supporting our tenant family for their future prosperity and growth has always been at the forefront of what we strive to achieve. We submitted a planning application to create another 6,000 sq ft of accommodation and with the support of Newark & Sherwood district council this was granted in late 2024. This brand new development will complete the repositioning of this site and maximise its true return and potential occupiers needs.

Outcome and Benefits

Our vision for early 2025 is to work with the local council and new tenants of Denham Business Park to create Newark’s flagship ‘Innovation Hub’ showcasing both sustainable building materials demonstrated in the construction of the new industrial units but also in exciting research and development projects aimed at global markets.