Former British Railway Board site sold to Education Funding Agency
Our Corporate Real Estate department has been instrumental in the sale of a 25,000 sq ft former British Railway Board site in Derby, to the Education Funding Agency acting on behalf of Al Madinah School.
Formerly used by the British Railway Board as a site to develop railway technologies, prior to its privatisation in the 1990s, the Faraday and Harley House site includes a mixture of both clerical and industrial buildings.
London and Continental Railways' property manager, Steve White, said: “We’re delighted with the terms of sale Sanderson Weatherall was able to achieve for the Faraday and Harley House site.
“The buildings have a long history and it’s great to know they’re being repurposed as a school, a move that will keep the building occupied for many more years to come.”
Luke Barrett, associate partner in our Corporate Real Estate team said: “The sale of Faraday and Harley House site presented some interesting obstacles to overcome. The property is unusual, being a mix of office, lab and workshop space, and having quite a basic specification meaning the market on the basis of the existing use was quite limited. However, the property has attributes making it very well suited for a school and I’m delighted that Al Madinah School has located a property that matches its requirements so well.
“On the main RTC Business Park there is approximately 400,000 square feet of office and industrial accommodation and this is unaffected by the sale.
Faraday and Harley House is currently being refurbished ahead of Al Madinah School opening its doors at the start of the 2016/17 academic year, in September.
We will continue to act for London and Continental Railways on the remaining Railway Technical Centre, which is located on the opposite side of road to Faraday and Harley House and currently has accommodation available to-let.