Joint venture completes industrial refurb
A JOINT venture between Lumina Real Estate Capital and Citivale has completed a major refurbishment of a Wakefield industrial site.
The 44,000 sq ft South Elmsall site, located on Stadium Way was bought for £4.05m last year, the first acquisition by LC Industrial, the vehicle for the firm’s collaboration.
The building was previously home to food giant Del Monte, but is currently unoccupied.
Next and Superdrug have major distribution centres next door.
LC Industrial has a £50m war chest to buy industrial property across the UK.
Peter Evans, associate director of Citivale, said: “We see this as an excellent opportunity to add value to the property by attracting a prestigious occupier. The offices have been completely refurbished, whilst externally the cladding and windows have been professionally cleaned and all redundant lighting taken down.”
“Our collaboration with Lumina is focusing on multi-let estates up to £10m in value. Acquisitions will be all-cash deals with any gearing put in place post- completion.
“The investment approach is to capitalise on strong growth in the UK regional economy by buying secondary assets and repositioning them through comprehensive refurbishment, re-gearing leases and minimising voids. We have a strong pipeline of deals already, including a number of off-market transactions.”
The marketing agents on the building are the Leeds offices of Carter Towler and GVA.
Josh Holmes of Carter Towler commented: “This is a rare opportunity for an occupier to lease a superbly-renovated 40,000 sq ft plus warehouse with offices in a first-class location. There are very few quality sheds of this size available in Yorkshire, due to volume of take-up during the past two years, so we expect a large amount of interest.”
