Trio of industrial units acquired for £10m
Three industrial units at Waterside Business Park in Stourton, near Leeds, that are let to three separate tenants, have been sold in a £9.965m deal.
The sale was negotiated by the investment team at Leeds property consultancy, Gent Visick (GV), acting on behalf of Town Centre Securities PLC (TCS), the property investment, development, hotel and car parking company.
GV also acted on behalf of TCS when the company acquired the three units in 2015 for £4.48m.
The units have been acquired by Clearbell, a privately-owned real estate fund management and advisory business. Clearbell was advised by DTRE and the acquisition reflects a net initial yield of 4.49%.
The detached buildings all comprise steel portal framed warehouse units with ancillary two-storey office areas.
Unit 2 covers 19,629 sq ft and is occupied by parcel distribution firm, SW Group Logistics. Unit 3 measures 24,597 sq ft and is let to vehicle rescue and recovery specialist, DH Mansfield Ltd. At 32,933 sq ft, unit 6 is the largest unit and is a food grade facility occupied by Elleron Consulting Limited.
Garry Howes, director of investment at GV, said: “This was a rare chance to acquire a prime, multi-let industrial estate in an established and popular industrial location and the level of interest from investors was extremely high.
“This is a particularly good result for our client given that the asset has more than doubled in price since we led the acquisition of the site seven years ago on behalf of TCS.
“It reinforces the current strength of the industrial investment market and the amount of capital that is ready to be deployed for high quality opportunities in good locations.”
This is the latest sale by TCS who last week sold a Premier Inn hotel in Leeds city centre to Mayfair Capital’s Property Income Trust for Charities (PITCH).
The company noted earlier this month that it was making a “good recovery” across the business with profits bouncing back and is progressing plans for. the next phase of development at Whitehall Riverside, having entered into a JV with Glenbrook on the site in January.
