53,000 sq ft logistics facility acquired in £4.2m deal
A 53,000 sq ft single-let industrial unit in Wakefield has been bought in a deal worth £4.2m.
The 11 metre eaves unit set within Wakefield 41 industrial estate, was acquired by the AIM-listed specialist warehouse investor, Warehouse REIT.
The company purchased the logistics unit via a sale and leaseback to Stapleton’s Tyre Services, one of the UK’s largest distributors of passenger car and 4×4 and van tyres.
The tenant has agreed a new 15-year lease, generating £281,000 per annum which equates to £5.25 psf, with rent reviews and tenant only break options at years five and 10.
The warehouse operates as Stapleton’s key northern distribution hub, serving over 1,000 garages and stores in Yorkshire and Lincolnshire.
Wakefield 41 is home to Coca Cola, Morrisons and Menzies amongst a number of other national and international businesses.
Andrew Bird of Tilstone said: “We have a strong track record of identifying and adding well-located, well-let assets to the portfolio, acquired at attractive yields, which demonstrates both the strength of our UK wide origination teams as well as the robust demand from occupiers for good quality logistics space in and around strong performing regional conurbations.
“The Stapleton’s unit in Wakefield satisfies a long-standing requirement to bolster our holding on the M62, which is increasingly becoming an important location for ecommerce and traditional logistics operators. We look forward to further developing our relationship with the occupier being a key part of our asset management offer.
“Following the successful share issue announced on Friday, which provides us with over £120m to deploy, it is pleasing to be able to immediately deliver on this acquisition, whilst the substantial remaining capital means we are now in a position to accelerate delivery of our near term pipeline and significantly scale the portfolio.”
