Humber Enterprise Park snapped up in £10m deal
BAE’S Humber Enterprise Park has been acquired by LC Industrial, the collaboration between Lumina Real Estate Capital and Leeds-based business space specialist Citivale, for £10m.
The 86-acre park includes 1.3m sq ft of office and industrial space, 20 acres of development land and benefits from Enterprise Zone and Assisted Area Status.
BAE Systems, which developed the Hawk Jet aircraft on the site, has signed new leases on its 555,000 sq ft premises, which equates to a 40% tenancy of the built space.
Tenants at the site include BAE Systems, Supercraft, Cablescan and East Riding of Yorkshire Council.
Lumina Real Estate Capital and Citivale established LC Industrial in June with an initial investment fund of £50m. The joint venture has already bought a 110,000 sq ft industrial warehouse at South Elmsall, near Wakefield, for just over £4m.
James Appleton-Metcalfe, managing director of Citivale, said: “This acquisition sits perfectly with our strategy of buying secondary assets and using our combined skills and expertise to reposition them through comprehensive refurbishment and development.
“We have some exciting and innovative plans for the site which I am confident will see the business park develop into one of the prime office and industrial locations within the Hull and East Riding region.”
Jeff Carson, senior associate at Lumina Real Estate Capital, added: “We are looking to expand on the excellent work that BAE Systems have so far done in setting up Humber Enterprise Park and increasing the number of tenants on site. We are seeking to improve facilities for the benefit of existing and future tenants.”
Ken Mellis, real estate manager for BAE Systems, added: “BAE Systems is pleased to have concluded the deal with Lumina and Citivale. This represents a significant step forward in the development and future of the Humber Enterprise Park. Lumina and Citivale’s combined experience and funds will see progress on what is fast becoming the business park to locate to within the Humber region.’’
PPH and Harris Lamb acted for BAE Systems, Lumina/Citivale were unrepresented.
