Developer delighted by building sale

The Sheffield-based company sold the Sandvik European Centre of Excellence (SECoE) at Beighton Link Business Park in South Yorkshire to Cordea Savills UK Income and Growth Fund for an undisclosed sum.

Crossland Otter Hunt acted for JF Finnegan.

JF Finnegan developed the 112,500 sq ft facility for Sandvik last year in one of the region's largest pre-let deals. Sandvik signed a 15-year lease to create the SECoE, for which it received a 1.7m supporting grant from Yorkshire Forward.

The building incorporates a 90,000 sq ft workshop, 22,500 sq ft of office accommodation over three floors and 150 parking spaces.

Philip Ryan, chairman of JF Finnegan, said: "The sale of Sandvik's SECoE at Beighton Link is an excellent result for the scheme and further cements the development's position as an integral contributor to South Yorkshire's long-term regeneration."

George Tindley, fund director for the Cordea Savills UK Income and Growth Fund, added: "Since the launch of this fund, in January 2010, we have now spent more than 50 per cent of the initial equity raised. We continue to look for well specified buildings across all sectors which offer very strong covenants and long leases."