Property Investment Portfolio - Industrial Development - Mansfield, Nottinghamshire

Date: 12 May 2008

PIP has just acquired the site of Paramount Windows in Mansfield to convert into seven industrial units, creating a new business park in the town centre.

PIP has purchased the 6038 sq ft site at Rock Valley with funding supplied by Yorkshire Bank's Nottingham Financial Solutions Centre, and the company plans to create industrial units which will be ideal for start up businesses or small industrial firms. The conversion of the site is expected to take three months with the units available for occupation in the summer.

Arv Soar, director at PIP explains: "We wanted to create a mini business park that was just a stone's throw from the town centre and was affordable for new businesses. These will be the closest industrial units to the town centre and Mansfield remains one of the cheaper areas of the East Midlands for both residential and commercial property. I anticipate high demand for them as the local economy continues to grow.

"I needed prompt funding for this deal and worked together with Yorkshire Bank senior partner Stan Harrison to achieve this. Stan's appetite for this deal and our combined market knowledge was crucial in this instance, as I had a lot of competition when buying this site and might have lost out if PIP's finances weren't in place as quickly as they were."

For the past two years, PIP has specialised in the residential property markets in the Midlands and the North of England. This new project in Mansfield is the first commercial property venture for PIP, but as the company looks to expand its geographical reach, commercial property is now at the forefront of its plans.

Where do I go now?: » View the latest news items » View the news archive » Subscribe to Weekly Property Newsletter » Submit news