Investment trust snaps up £5.8m logistics site
DEVELOPERS Onward Holdings have sold a £5.8m distribution unit in West Yorkshire.
Stephenson Day on behalf of an investment trust, AEW UK REIT has snapped up the site, which is home to Ardagh Glass, part of the Dublin-based Ardagh Group which manufactures and supplies glass and metal packaging.
Leading commercial property consultancy Bilfinger GVA working jointly with Andrew Millar Chartered Surveyors completed the sale of the two units at the Langthwaite Business Park in South Kirby.
This represents an initial yield of 11.1%. Ardagh occupies the 220,427 sq ft site, with a further two and a half years in their lease of £681,000 a year.
Jon Stephenson, of Stephenson Day, which acted for the buyer, said: “We’re pleased to have advised AEW UK REIT PLC on this purchase. We see this property as a strong addition to their portfolio.”
Ben Hall, investment director at Bilfinger GVA in Yorkshire, added: “Langthwaite Business Park is a well-established business location on the edge of the South Kirkby and South Elmsall areas near Wakefield, which benefits from good access to major transport links.
“This deal further demonstrates the demand from investors based outside of the region who are attracted to the occupational strengths of the north.”
Neil Storey of Onward Group said: “We’re delighted to have worked with Bilfinger GVA to secure the £5.8m deal. The sale will enable to us to focus on growing our portfolio with a bias on smaller individual assets.”
