KINGSPARK Limited, a syndicate of four Bradford businessmen, has bought Unit 3 on Lee Bridge Industrial Estate in Halifax for £270k at auction, using funds provided by Reward Business Finance.
By Rowan Newman
The 13,487 square foot freehold building was formerly a carpet store, prior to it going into administration, and the plans are to now separate the unit into seven smaller ones, making it ideal for start-up businesses.
Kingspark is a highly acquisitive property business run by Fazal Ul Rehman, Mohammed Hussain, Sajid Mahmood and Jamil Ahmed.
Whilst previous purchases have been made from their own resources, on this occasion Kingspark needed a quick capital injection to enable them to snap up the industrial unit when it went under the hammer.
The company was introduced to Reward Finance Group by Brian Snape of Mighty Oak Business Finance who, having worked with Reward before, knew they would quickly be able to provide the funds needed to buy the building and to provide the refurbishment monies.
Fazal Ul Rehman, director of Kingspark Ltd, is now working with his fellow directors on the plans for the building.
He said “We are always looking out for units such as this where we have the potential to breathe new life into them through careful and well thought through renovation.
“This particular one provides the perfect space to create a hub for start-up and smaller businesses to operate within modern facilities.
“Its location within half a mile of Halifax town centre also provides easy access for those working within the building.
“We are grateful to the Reward team for its professional approach and for quickly understanding what we wanted to achieve and the speed with which they provided the funds.
“They did this without making us jump through hoops, so we did not miss out on the opportunity.”
Karen Paige, associate director of Reward Finance Group, added: “We were really impressed with the Kingspark directors each of them bringing their own specialist skills to the table with Fazal a chartered accountant, Sajid an estate agent, Jamil a solicitor and Mohammed a successful businessman.
“Looking through Kingspark’s property portfolio, we could see that they have made some extremely shrewd investments which are providing an excellent return.
“On this occasion they needed some support from a flexible lender who could move quickly, and we had no hesitation in providing the required funds.”