Derby based Conder Developments have secured an important new tenant at their Trafalgar Park development on the west of the city. Renewable power generation company Boyle Electrical have taken a new 25 year lease of Units 1c and 1d which together comprise 27,000 sq.ft.
The completion of the lease is a welcome result of over 3 years of effort and negotiation with Salloway Property Consultants acting on behalf of Conder Developments. In a complex deal requiring planning permission for 3.0MW of electricity generation, the new facility is expected to ultimately generate enough electricity to supply 5,000 local homes.
On behalf of Boyle Electrical, Michael Bateson stated: "Discussions with Conder and Salloway commenced as long ago as October 2007, explaining the technology and how this will be of benefit to the local area and environmental targets. We have worked together through a demanding process and a difficult funding climate to get to the point where we can actually make a start on site".
Paul Shanley, Managing Director of Conder Developments feels the deal is reward for the time they have committed to the project. He explained "It's often difficult to assess the viability of businesses such as Boyle Electrical in the early stages but their team did an excellent job of explaining their project to us and we have supported and worked with them at every step in achieving the necessary consents to allow the project to succeed.
Boyle Electrical has made a 25 year commitment to the site and Marc Ballard, Senior Surveyor at Salloways, feels this sets an excellent precedent for the remaining vacant units at Trafalgar Park. He commented, "We have now completed two significant lettings on Trafalgar Park at asking rents, both with lease lengths over 15 years to significant companies. The transactions prove that there remains activity in the market and at strong values. We have 3 units remaining from 8,000 sq.ft to 30,000 sq.ft and we look forward to securing similar terms on these units in the near future".
Having taken possession of the building, Boyle Electrical will shortly commence the next phase of the project which will see a multi million pound investment in on site equipment and the installation of a new power connection to allow energy generated to be released into the national grid network, helping to supply Derby's economy with sustainable energy.
For further information on this letting or to discuss how Salloway Property Consultants can assist in property disposal activity, please contact Marc Ballard on 01332 298000 or firstname.lastname@example.org