Headlam Group Plc has sold the Cheshire Building in Bulwell, Nottingham, and MCD House in Rochester to a joint venture between Clearbell Capital and Deva Capital, with upgrades planned across both sites.

Lambert Smith Hampton (LSH) advised Headlam on the disposals, which transfer around 140,000 sq ft of industrial accommodation—83,000 sq ft at the Cheshire Building and 57,000 sq ft at MCD House—to the buyers.

The properties were acquired by Clearbell Property Partners IV LP, a fund managed by Clearbell Capital LLP, alongside its joint venture partner Deva Capital, the real estate and corporate capital solutions investment arm of Santander Alternative Investments.

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Located close to Junction 26 of the M1, the Cheshire Building has recently been vacated by Headlam and will undergo a comprehensive refurbishment programme.

MCD House, situated between Junctions 1 and 2 of the M2, was acquired via a sale-and-leaseback, with refurbishment planned following Headlam's departure next year.

The acquisitions support Clearbell and Deva Capital’s industrial investment strategy and take their UK portfolio to 25 assets comprising more than 1.6 million sq ft.

Richard Meering, Senior Director said: "We are delighted to have competed the sale of these 2 warehouse units to Clearbell who will undertake a thorough refurbishment offering much needed high quality existing units to the market "