A multi-let industrial estate in Rearsby, Leicestershire, once home to the famous Auster Aircraft, is to be openly marketed for the first time.
CBRE, the global real estate advisory firm, has been instructed to sell Rearsby Business Park on behalf of its private owner, for offers above £10.25 million.
Set on a 12.95-acre site, the estate comprises 15 fully let industrial units, totaling 155,985 sq ft and ranging in sizes from 791 sq ft to 50,047 sq ft. Tenants include East Coast Fittings, T.E.K Seating, GT Plumbing & Heating Engineers, Lewis & Hill Ltd, Metric Services (Leicester) Ltd, and K & D E Barnett & Sons Ltd.
The estate also has planning permission for a 56,400 sq ft industrial unit or alternative uses subject to planning.
The site has a rich manufacturing history. It was first home to Taylorcraft Aeroplanes (England) Ltd’s factory, where the world-famous single propeller ‘Auster’ light aircraft was designed and manufactured. More recently it was occupied by Rearsby Automotive Ltd from 1966 to 1996. Over the years it has been extensively modernised, extended and redeveloped, with the latest unit being added in 2020.
Oli Forster, senior director in CBRE’s investment properties team, said: “This is the first time the site has come to market, having been under its current ownership since the 1970s. As such, it’s a great opportunity to acquire a well-established, fully let industrial estate with strong rental income. Given the shortage of industrial land in the East Midlands, the consented site presents further opportunities to add value.
“The estate is in the heart of the East Midlands’ industrial market, which is continuing to attract high levels of investment and take-up from occupiers, with the region accounting for 29.5% of the total national logistics take-up during the first quarter of 2024 and maintaining headline rents of £9.75psf following a period of sustained growth, which CBRE forecast will continue to rise.
“Prime industrial rents in the East Midlands have remained stable, following a sustained period of growth, which CBRE forecast will continue to rise.”
