Commercial unit acquired by investor in £11.4m deal

A 65,000 sq ft building at Wakefield Hub has been acquired by Aberdeen Standard Investments in a £11.4m deal with property developer HBD, Henry Boot’s property investment and development business.

Wakefield Hub is a 200-acre strategic industrial and logistics development being delivered by Newmarket Lane Ltd – a joint venture partnership between HBD and Yorkcourt. The logistics site is capable of accommodating more than 1.5m sq ft.

HBD forward funded the build of the unit to BREEAM Very Good standard, which includes 80 car parking spaces and 24 lorry bays. Kitwave moved into the building earlier this year.

Simon Ross, senior development surveyor at HBD, said: “It’s great to get this deal across the line – it is an excellent investment prospect given its quality and location, specification and strong covenants.

“Wakefield is a key destination for logistics occupiers and the shortage of Grade A industrial and logistics units will mean that demand for space will remain robust.”

Tim Roberts, CEO of Henry Boot, added: “The high quality of product being delivered by HBD at Wakefield Hub is evidenced through this disposal.

“The Kitwave warehouse presents a highly attractive investment proposition due to the asset’s quality and specification, its covenant strength, and strategic location.

“Wakefield has cemented itself as a key destination for national logistics operators, while a shortage of Grade A space locally supports the resilience of demand at this flagship scheme as HBD continues to progress its delivery and maximise its potential.”

NorthCap advised HBD on the sale. JLL advised the purchaser.