EUROLINK 31, an industrial development in Wakefield has been bought for £2.65m.
The 49,225 sq ft development was purchased by Ryden on behalf of Industrials.co.uk, a joint venture between Morgan Stanley and C2 Capital. Industrials.co.uk was set up at the start of this year and plans to acquire a UK-wide £500m property portfolio.
The properties, which had been bought for £2.2m in 2011, were marketed at £2.88m before the deal was secured.
The four-unit development on Normanton Industrial Estate is fully occupied and produces a current annual income of £230,000. The purchase price reflects a net initial yield of 8.27%.
Matthew Edwards, investment partner at Ryden, said: “Our Leeds office has been busy acquiring multi-let industrial estates for a wide range of clients and we are pleased to have now secured our eighth acquisition in as many months.
“The deals illustrate that the industrial market is proving popular with investors due to continuing improvement in both capital and rental values in this sector.”
Eurolink 31 is fully let to Really Useful Products, which occupies two units, Samworth Brothers Limited and Platinum Batteries.
The seller was represented by Christopher Dee.
Click here to sign up to receive our new South West business news...
