Logistics hub sold in £31.75m deal
A warehouse and logistics hub occupied by Eddie Stobart has been sold in a £31.75m deal.
Palmer Capital and SEDCO Capital have purchased the Eddie Stobart hub on the Sherburn Enterprise Park in Leeds from NFU, reflecting a net initial yield of 5%.
Commercial property consultancy Commercial Property Partners LLP (CPP) advised on the purchase of the 413,959 sq ft warehouse and logistics facility, which is based on a 25-acre site.
The unit is one of the company’s main distribution hubs, and is let to Eddie Stobart on a full repairing and insuring lease – with approximately 17 years now remaining.
Founder-partner at CPP Toby Vernon, said: “The prime location of this site in Yorkshire plays an important role as a hub for Eddie Stobart, offering logistic services throughout the region. The property offers superb transport links and a network of growing manufacturing and logistic businesses are now in the area.”
Rupert Sheldon, Head of Core REIM at Palmer Capital, added: “This asset is a perfect match for our partner SEDCO Capital and demonstrates its on-going commitment to quality real estate in growing locations. The lot size, long FRI lease to an established covenant and highly attractive rent provides optimal risk adjusted returns. We are seeking other similar transactions to deploy further capital into the UK before the end of the year.”
CPP acted jointly with Roebuck Asset Management, and Knight Frank acted for the vendor.
