Harworth Estates has sold the Evolution Business Park, located on the Advanced Manufacturing Park at the company’s flagship Waverley development, for £7m. The park has been acquired by real estate advisory and investment company Cornerstone.
Evolution has 15 units ranging in size from 2,300 sq ft to 27,000 sq ft and was developed by Harworth Estates in 2008 in a joint venture with Strategic Sites Ltd. The accommodation is fully let to fast growing companies in the advanced manufacturing sector.
Campbell Carruth, Business Space Director at Harworth Estates, said: “Evolution has proved to be a first class development: within the first six months of 2012 we let four units generating an annual income of over £250,000 and total annual rental income is now £725,000.
“This includes what we believe to be a record rental in Yorkshire of £6 per sq ft for Rolls Royce’s 10,000 sq ft unit. Other tenants at Evolution include Carbolite, Polymer, Dormer Tools, Xeros, Struers and Liebherr.
“The demand for space at Evolution provided the platform for this sale. It has been so successful that demand was over-subscribed.“
The Advanced Manufacturing Park at Waverley is recognised as a world-class location for companies wishing to work in a collaborative environment focused on hi-tech metals and materials manufacturing.