Private equity firm acquires distribution centre in £11.6m deal
Private equity firm Paloma Capital has acquired the 400,000 sq ft Dearne Mills Distribution Centre in Barnsley for £11.6m from an LPA Receiver.
The site is located on the northern edge of Barnsley. Tenants include Jack Fulton Foods, One Below Retail and Buy it Direct. Passing rents range from £2.50 per sq ft up to £3.85 per sq ft.
There is one vacant unit of 65,000 sq ft which will be comprehensively refurbished before being leased and Carter Towler and Knight Frank have been appointed joint letting agents.
As well as the vacant unit refurbishment, Paloma is planning a major investment in upgrading the entrance, estate roads and yards, all of which have suffered over recent years, and plans to relaunch the park with a new name in the autumn.
Paloma Capital was advised by Gerald Eve and Carter Towler and the LPA Receiver was advised by Cushman & Wakefield.
Joe Froud, co-founder of Paloma Capital, said: “Our existing estates in Sheffield, Wakefield and Bradford are performing extremely well and we are really pleased to have been able to add another significant Yorkshire warehouse asset. The vendor set a very challenging completion timetable and chose our offer due to our discretionary capital and long track record of acquiring similar assets”.
