Commercial property developer, Sterling Capitol, has sold a 14-acre site at Capitol Park Barnsley to Commercial Development Projects (CDP), the development arm of the Marshall Group.
The value of the sale was not disclosed. The site, which comprises the final phase of Capitol Park Barnsley, has full planning consent for two industrial and distribution units, one of 84,000 sq ft and one of 105,000 sq ft, with a gross development value of over £30m once fully completed.
CDP’s intention is to speculatively build both units with work starting on site this spring, following its previous development at Capitol Park Barnsley.
Over 30 years at Capitol Park Barnsley Sterling Capitol has delivered around 400,000 sq ft of commercial space, creating about 500 jobs in the process.
Tom Brown
Tom Brown of Sterling Capitol said: “We’re pleased to have concluded another deal with CDP. We have worked tremendously hard to ensure that this site is oven ready for development.
“We are pleased to be handing it over to one of Yorkshire’s most respected and successful property companies, who, due to its excellent location and specification, will be looking to develop it speculatively.
“Capitol Park Barnsley has been one of the jewels in our crown. The park is now recognised as a first-class location for business with blue chip occupiers and their businesses having a very significant impact on the local economy, contributing to a very prosperous future for Barnsley and I am sure these two units will be very well received by the market
“South Yorkshire is now a favoured region for distribution and logistics, which support the decision of CDP to build speculatively,”
“The journey for Sterling Capitol doesn’t stop here in Barnsley though, as we now direct our focus to the delivery of our largest site to date, Barnsley West, where we will be looking to deliver in excess of 1.2 million sq ft of commercial space in the coming years.”
Rebecca Schofield, partner and head of Knight Frank’s Yorkshire Industrial team, added: “The units will benefit from a fantastic specification and will offer an opportunity for occupiers to create a bespoke commercial premises to suit their own exact requirements.
“There remains a good level of demand in the area and this sale has come at an opportune time to capitalise on current market conditions.”
Capitol Park Barnsley was first bought by Sterling Capitol in 2008 and then developed out. Occupiers include: An NHS 75,000 sq ft blood facility; Gem Imports; Sheffield Children’s Hospital; SolarFrame; Hargreaves Services and a Toby Inn and Ramada Encore hotel.
The Yorkshire office of global property consultancy Knight Frank has been retained as letting agents.