Tungsten Properties, one of the UK’s leading mid-box industrial and warehouse developers, has exchanged unconditional contracts to acquire an 11-acre retail warehouse site at Greenland Road in Darnall, Sheffield, South Yorkshire from New River Retail for £5.5 million.
Tungsten Properties intends to demolish the existing B&Q warehouse and construct a new warehouse totalling 170,000 sq ft with works due to commence in Q1 2020, with completion expected by Q4 2020.
The remaining 2.5 acres to the northern part of the site will be redeveloped for alternative uses such as fast food, trade counter, and other roadside uses.
Once completed, depending on the new occupier, it is expected to house between 50 and 120 new jobs.
The site benefits from an extensive and prominent frontage to one of the city’s main arterial routes. Greenland Road is in a strategic position 2.5 miles east of Sheffield city centre and close to the M1 motorway junction 24 and the Meadowhall Shopping Centre.
The acquisition is the first in Sheffield for Tungsten Properties and follows its recent news of its acquisition of Super B, a warehouse site in Bradford for a 230,000 sq ft new warehouse development.
Ian Dunckley, development director, Tungsten Properties, said: “There is significant demand for warehouse space in Sheffield due to lack of existing and new stock within the market. The location of our latest Yorkshire acquisition is strong and is ideally located close to the M1 motorway. Sheffield has the benefit of a strong local workforce, thanks to the local manufacturing and engineering industries. The demand for ‘Big Box’ accommodation in this area continues, and we have already received interest from potential occupiers.”