Coalfields Regeneration Trust acquires Rotherham office buildings in £1.5m deal

CRT Property Investments Ltd, the wholly owned subsidiary of the Coalfields Regeneration Trust, has completed the £1.5m acquisition of Phoenix Riverside in Rotherham.

Supported by Blue Marble Asset Management, the purchase comprises the freehold investment of two detached office buildings, one of which is split into two semi detached units, and an additional development site of approximately 0.6 acres.

The site provides a total of 18,856 sqft, with individual suites from 5,150 sqft to 8,498 sqft of office accommodation, along with ample car parking in front of and to the side of the units.

Tenants include General Dynamics Information Technology Limited; In-Tend Limited and The Royal Mencap Society.

Shaun O’Brien, property investment and development director for CRT Property Investments Ltd, Shaun O’Brien, said: “This purchase will further strengthen our growing portfolio of commercial developments as we make it clear that we can bring infrastructure, opportunity and stability to coalfield communities.

“With the addition of the 0.6 acre development plot this investment was very attractive and we can also consider how we are going to develop the land to create further benefits to the Rotherham region.

“We would like to thank Blue Marble for their continued support as we look for further commercial investments up and down the country that provide us with viable investment propositions that allow us to continue our work in former mining regions.”

Tim Matthews, Blue Marble chief executive, added: “This is an excellent income producing investment with the possibility of further development which we sourced in an off-market deal. We will manage the acquisition actively to optimise our client’s investment.”

The vendor, St Pauls Developments, was supported by Knight Frank.

The Coalfields Regeneration Trust has shared plans for a £40m Coalfield Investment Proposition which would see government provide £30m and the organisation contribute £10m of its own resources.

The fund would be used to develop new industrial space to support SME growth in former mining areas and on completion bring an estimated 1,000 jobs to the coalfields over the next five years.

Based in Birmingham’s Colmore Business District, Blue Marble Asset Management is a real estate asset management specialist which presently has more than £100m of property assets under management.

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