Warehouse snapped up by growing property investor
A property investment and development firm continues to extend its reach across the north, having acquired an industrial asset in Wakefield for £2.475m.
Having recently agreed a 10-year lease with Speedy Hire at Felnex Road in Leeds, Tyneside-based MCM Group, has now purchased a freehold investment on Telford Way as it continues its UK expansion.
The modern, detached distribution unit at the intersection of the M1 and M62 motorways is occupied by Yorkshire Ambulance Service NHS Trust, who have a 20-year lease on the property at the Wakefield 41 industrial estate.
The 19,500 sq ft property has been purchased from Columbia Threadneedle.
Douglas Cranston, MCM Group’s investment director, said: “Close to two of the country’s main motorways as well as two major airports and only a mile from the nearest railway station, this site is part of Yorkshire’s most dominant distribution and trade hubs, with neighbouring occupiers including Morrisons, Coca-Cola, Eddie Stobart and UPS to name a few.
“The covenant strength of Yorkshire Ambulance Service NHS Trust as tenant of the property was a major draw and we believe the property will be a fantastic addition to our growing portfolio.”
Henry King, associate director at CBRE, which acted as agent on behalf of MCM in brokering the deal, added: “The asset itself benefits from very strong fundamentals, which in combination with the length, security and growth prospects of the income stream, made this a compelling investment opportunity and we are pleased to have been able to assist our client in its acquisition.”
The Yorkshire Ambulance Service NHS Trust signed up to premises in 2022 and is currently investing in the premises as part of a comprehensive fit out programme, before taking occupation in spring 2023.
Columbia Threadneedle was represented by joint agents Jack Bygott of Ereira Mendoza and Robin Bullas of Commercial Property Partners.