by ARBA Group
At times, rather than build new or redevelop, it is preferable to purchase existing investment properties and with careful asset management improve the value of the asset.
With considerable private equity backing ARBA has the in house skills to transform such properties adding value, the most recent being the Meadowhall Business Park in Sheffield where 72,000 sqft of offices have been refurbished and let to a variety of strong covenant occupiers including Tuffnells, NG Bailey and Alpharooms.
This property with full vacant possession acquired in August 2016 from Sheffield City Council was the Councils former Carbrook headquarters and consists of 5 individual purpose built office buildings totalling 72,000sq.ft. of space.
Since its acquisition ARBA Group have undertaken a £2.1M refurbishment of the buildings, car parks and grounds and have let 60% of the space (3 of the 5 buildings) within a year of ownership with quality occupiers such as NG Bailey, Tuffnells, Alpharooms and Preventx being amongst the tenant line-up. Full occupancy is expected during 2018 which will mean ARBA Group will have purchased, refurbished and successfully let the entire 72,000sq.ft. development within 24 months.
Following the acquisition, ARBA negotiated the termination of the Poundstretcher lease and after refurbishment, roof works and splitting the unit have re-let Unit A to Specsavers. The adjoining unit is being marketed by Smiths in Barnsley.