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26 February 2002
Gainsborough
industrial estate sold for £3 million
Gainsborough's West Lindsey District Council
owned Corringham Road Industrial Estate has
been sold to a major privately owned UK asset
management company for £3 million.
New owners, the io Group, which currently
manages a £350 million property portfolio
comprising over 12,000,000 sqft of industrial
business space in 130 locations throughout
the UK together with sites in Europe, has
pledged future investment in the development
of the estate.
The Corringham Road Industrial Estate, first
developed by West Lindsey District Council
in the early 1970s is home to some of Gainsborough's
largest employers including Dexion and Kirkston
Packaging as well as a range of businesses
including manufacturers of Upvc windows, wallcoverings,
trailers and shock absorbers.
"We were approached by io Group to identify
suitable industrial stock in Lincolnshire
and put forward Corringham Industrial Estate
as an area of real opportunity," said
Stephen Bradford, a partner at Hodgson Elkington,
the Lincoln based chartered surveyors, who
engineered and handled the acquisition.
"The io Group are leaders in their field
and we are delighted to have been involved
in securing the estate's purchase," he
added.
"The Corringham Road Industrial Estate
fits into our longer term investment strategy
and we will be investing in its future. More
immediately we will be carrying out a number
of improvements to both the common parts and
a number of the units we purchased,"
said Rupert Jeffries, io Group's asset manager
for the region.
West Lindsey District Council welcomed the
sale and see at as a positive move.
Chief Executive Bob Nelsey said that the
Council had developed the estate to stimulate
the district's economy.
"This has been extremely successful
but the time is right for the estate to be
developed still further. The io Group have
pledged investment and they have a proven
track record in this field."
The proceeds of the sale will be available
for the Council to re-invest in capital schemes
in the future.
There are also a number of owner occupiers
on the estate which are unaffected by the
former council owned estate, which comprises
the larger part of the complete Corringham
Road Industrial Estate.
FOR MORE INFORMATION:
Stephen Bradford
Tel: 01522 512232
Paul Croft
Tel: 01427 788319
Issued on behalf of Hodgson Elkington by
Croft Communications Ltd
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