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Commercial property deal in Sherburn to create new jobs and rejuvenate former eurospace factory

Craigard Investments LLP, advised by NAI Fuller Peiser, has strengthened its property portfolio through the recent purchase of the former Eurospace Factory at Enterprise Way, Sherburn-in-Elmet, Yorkshire from Prudential for £13.25 million.

The developer will refurbish the 26 acre (10.5 ha) site, including the existing buildings and development of the adjoining 7.75 acre (3.1 ha) site. The premises had been standing vacant for over three years since the demise of previous occupiers Eurospace.

The refurbishment and development will regenerate the land and attract business to the two main industrial units, one of 150,000 sq ft (13,935 sq m) and the other of 215,000 sq ft (19,974 sq m), with a further 90,000 sq ft (8,361 sq m) of potential space to be constructed on the expansion land.

Ed Cornwell, partner in investment for NAI Fuller Peiser, comments: "The property is an ideal investment for Craigard. By refurbishing the warehouse and developing out the expansion land, there is a clear opportunity for increasing value."

NAI Fuller Peiser's Sheffield office has since been retained as letting agents on the property.

Craigard Investments LLP is handling the refurbishment from its South Coast office at Ocean Village, Southampton. Despite only being in existence for a year, the company has made a significant impact on the property market, turning over £30m in transactions and acquisitions.

Local labour will also be recruited to undertake the refurbishment and development, creating additional employment for the eighteen month period of the contract which will begin later this month.

Paul Foster, founder of Craigard Investments LLP, describes how the deal will affect the surrounding area, "The Sherburn development will significantly regenerate the local area, and despite being outside of the South Coast region that Craigard Investments LLP is primarily targeting, the facility has good distribution networks and the rent band is low, and it allows us to target new markets."

NAI Fuller Peiser has been retained to market the building alongside Leeds-based Gent Visick. The site is ideally located amongst many big companies including Supercook and Eddie Stobbart and has easy access to the M1 and A1(M). The buildings will be available for sale or to let on an entirely flexible basis.

Quoting rents will be £3.75 per sq ft and £4.00 per sq ft.

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