Yoke Real Estate have announced the letting of the largest unit on Tinsley Industrial Estate to aid a growing manufacturer’s ambitious expansion plans.
The UK’s only commercial Titanium castings company, Castings Technology established more than 100 years ago, has committed to 192,000 sq ft at Tinsley Depot.
Castings Technology, currently occupies premises on the Advanced Manufacturing Park in Rotherham, but has outgrown its existing facilities requiring a move to a larger dedicated site ready for further expansion.
Unit 2a Tinsley Depot, the former Whitbread premises, is a well-known building in the area and offers a high profile position fronting Shepcote Lane with immediate access to J34 M1. The building, which is owned by Paloma Capital’s Dove Fund will undergo an extensive refurbishment ahead of Castings Technology’s 15-year lease.
The site will become one of the largest Titanium foundries in the world with a global supply chain that includes aerospace, marine, oil and gas and power generation OEMs through to local SMEs.
Rebecca Schofield, partner in the Sheffield office of Knight Frank, who acted as agent, said: “This is one of Sheffield’s most established industrial estates. This letting confirms the continued demand for premises needed for the expansion of successful and growing manufacturing companies, offering highly-qualified roles in state of the art design, simulation and production.”
Castings Technology recently earmarked an £18m investment package, including securing a £15 million facility from Zachary Asset Holdings, for new premises, equipment, and for the creation of new jobs.
The new facility will house the latest pattern-making, moulding, vacuum and air melt casting facilities together with support services for the casting of components in titanium and ferro-based alloys.
Castings Technology Chairman, Kevin Parkin said it was the right time to move and buy their own equipment. He said: “Whilst continuing to lease the building and equipment from the AMRC was the correct option in 2021 when the Management Buy-Out completed, due to our substantial growth, it is now necessary for the company to move to its own, larger premises and with new, world-class equipment.”
Managing director Richard Cook, added “We have developed a strong growth strategy, and we will continue to collaborate with our clients and other institutions to help us improve operational efficiencies. The move delivers a sound platform from which Castings Technology can offer continued supply chain resilience to customers’ future and current programmes.”
Paloma Capital’s Dove Fund, which has owned the 463,000 sq ft Tinsley Industrial Estate since 2017, has capitalised on the continued demand for industrial and distribution premises in South Yorkshire.
Tony Howlings of Yoke Real Estate, advising the landlord, commented “It has been exciting to re-use and re-purpose this iconic 1970s warehouse, for what will be a cutting-edge foundry. Re-purposing this building also satisfies the client’s demanding sustainability targets”.
Since its purchase, Yoke Real Estate (Paloma’s appointed asset manager for the estate) has overseen improvement works to the common areas, branding, and overall positioning, and refurbished various units across the site. The refurbishment of 2 Tinsley Depot will include an overhaul of the exterior and all parts of the warehouse internally, refurbishment of the office accommodation and the delivery of a MEES compliant building for the future.
Other occupiers on the estate include Galaxy Insulation and Dry Lining, Lodge Tyres, Belgrave Motors, NE Electrical Wholesalers, FMG Repairs and Pollards Wholesale.
