£12m deal signed for logistics hub site
A recently refurbished 190,000 sq ft distribution warehouse in the heart of Wakefield Europort, one of Yorkshire’s leading distribution locations, has been sold for £11.8m.
CCLA Investment Management have bought the property from Edinburgh-based Parabola at a net initial yield of 6.39%.
The deal for the warehouse, situated at the junction of California Way and Express Way, was brokered by the investment team at the Leeds office of consultancy Knight Frank.
Graham Foxton, partner with Knight Frank, said: “The deal is a resounding endorsement of Parabola’s investment strategy to acquire and comprehensively refurbish the building, which led first to a long lease with a high-quality occupier and then to this sale to CCLA.
“This sale also underlines the importance of Wakefield as a logistics destination in Yorkshire. Wakefield Europort is an established location, occupiers on the estate include DHL, Argos, ASDA, Kuehne & Nagel, Warburtons, Royal Mail, 3663 and One Stop. These high-profile names underline how the Wakefield area is attracting high-quality national occupiers.”
Barry Woods, director at Parabola said: “We are delighted to complete the sale of Wakefield Eurohub to CCLA which marks the successful completion of our investment strategy for this building.”
Joel Duncan of property consultancy JLL acted for CCLA.
Roy Halliday, fund manager at CCLA added: “The property was identified as an opportunity to acquire in a well-established and popular location, which has stood the test of time and continues to go from strength to strength with new developments coming on line encouraging rental growth in the area.”
