Patience rewarded for investor as it buys two Yorkshire commercial properties

Property investor Urban Logistics has acquired £90m worth of assets, including two commercial units in South Yorkshire.

Its latest acquisitions include a 31,105 sq ft newly refurbished industrial warehouse in Downgate Drive, Sheffield, which was bought for £3,120,000. The unit is currently vacant and is being marketed.

The company has also acquired a 24,230 sq ft industrial warehouse in the Dodworth Business Park in Silkstone Road, Barnsley. It was bought for £2.6m.

This unit is let to a vintage clothing operator, which processes and sorts textile recycling on site, with the lease expiring in 2029.

Richard Moffitt, Urban Logistics chief executive, said: “During recent market volatility we have been deliberately patient in our deployment, and that patience has been rewarded by our ability to acquire these properties in prime locations on advantageous terms.

“Our occupational market, with its focus on supply chains for essential goods, remains strong with continued upward pressure on rents.

“We firmly believe that, at any stage in the property cycle, if we improve lease lengths we will see yield compression.

“We therefore see substantial potential valuation increases in these acquisitions, driven by our asset management plans.”