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We B&Qed it in Sheffield


Growth Fund IV has acquired the former B&Q retail warehouse in Sheffield with Development Partner Tungsten Properties.

Barwood Capital’s Regional Growth Fund IV completed on the acquisition of this prominent 11 acre site in September. The scheme will deliver, subject to planning permission, a total of 190,500 sq ft comprising the refurbishment of the 133,000 sq ft former B&Q retail warehouse as two modern industrial units, and the development of two further detached warehouse units totalling 27,500 sq ft and a further 30,000 sq ft trade counter scheme with amenities.

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 34 and the Meadowhall Shopping Centre. Once completed the project is expected to deliver up to 150 new jobs. Works are due to commence in Q1 2021 with completion in Q4 2021. Planning is being submitted in October 2020.
 
This is the third project where the two companies have joined forces, following projects at Glasshoughton, Yorkshire in Growth Fund III and more recently, Bardon Park, Leicestershire also in Growth Fund IV.  
 
William Chambers, investment director, at Barwood Capital said: “This transaction demonstrates one of Barwood Capital’s key capabilities in partnering with an experienced and successful developer, committing investment into this regional under performing asset to unlock value through the change of use and development process to provide new workspace and jobs. This is a high-profile site with a great range of flexibility, and discussions are already well progressed with a variety of occupiers for various elements of the scheme.”
 
Jeff Penman, managing director, Tungsten Properties added: “We identified this prominent site for its strategic position to the east of Sheffield’s city centre and the locality’s high demand for new space. To partner again with Barwood Capital demonstrates the strength of our relationship and we look forward to delivering our third project together.”

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