A newly refurbished warehouse in Shepcote Business Park, Sheffield, has been sold by Commercial Property Partners (CPP).
Acting on behalf of an institutional investor client, CPP has secured Technicut, the UK’s largest cutting tool manufacturer, as purchaser for the 96,278 sq ft unit.
Founded in 1987, and currently operating from two separate manufacturing facilities in the Attercliffe area of Sheffield, the move will provide Technicut with the opportunity to co-locate its current manufacturing facilities under one roof.
Additionally, the property benefits from an area of expansion land which could be used in the future to extend the building by approximately 20,000 sq ft.
“The move allows us the opportunity to streamline our current operations, while also planning for future expansion, and using the extra space to develop a 7,000 sq ft Technology Centre, with a purpose built gym and canteen for our employees,” said Technicut MD David Fothergill.
Toby Vernon, Partner at CPP, added: “Technicut saw the potential in this high-quality premises and invested by buying it outright, securing both the property and the potential room for expansion.
“It is always great to see this level of investment in the industrial property market, and the move undertaken by Technicut is another show of confidence in the industrial offering of the region.”