Commercial development sold for £15.1m
Leeds-based Property consultancy AWS has completed the investment sale of an industrial/office development at Normanton Industrial Estate, near Wakefield.
On behalf of Illuminating Investments, AWS has sold the scheme at Photon Park to Adur and Worthing Councils for £15.1 million, representing a net initial yield of 5.75%.
Photon Park comprises a newly built 53,657 sq ft industrial unit and a Grade A office of 31,348 sq ft with 172 car parking spaces and 9 acres of hard standing. The facility is currently let to Aston Berkeley Car Auctions on a 15-year lease.
Kevin Surplice, Director at AWS, said: “We are pleased to have secured a strong return on Photon Park on behalf of Illuminating investments which built the property in 2017.
“The Park is well located on one of Yorkshire’s most established industrial estates with a strong covenant making it an attractive investment package.
“Despite economic uncertainty the investment market for prime commercial property remains very robust. Yields remain at historically low levels and the returns we are achieving for clients are currently exceptional.”
Illuminating Investment is an independent property development and investment company focusing on refurbishment and new build mixed use schemes.
Development Director, David Aspland, said: “We are delighted with the outcome. We wish Aston Barclay as tenant every success and congratulate Adur and Worthing Councils for making a sound investment.”
Established in 1992, AWS is a Yorkshire based investment and industrial property consultancy.
It has been heavily involved with Normanton Industrial Estate over years of expansion. More recently, the firm let and sold all seven new properties off plan at Trident Park, which is the newest 50 acre development on the estate.
