Logistics hub sold in £19m deal

A 281,000 sq ft site at a major logistics hub has been sold in a £19.1m deal.

The Leeds office of  Knight Frank has bought the warehouse at Wakefield Europort for Knight Frank Investment Management (KFIM), acting on behalf of Lancashire County Council Pension Fund, from IDI Gazeley.

The Grade A warehouse, which is located in Tuscany Way, is occupied by Bibbys Distribution, which has just signed a new ten-year lease.

Rebecca Farnsworth, investment partner at Knight Frank in Leeds, said: “This is one of the most significant investment deals in Yorkshire this year.

“The region continues to be popular with investors and this sale underlines that well-located assets, with proven occupiers on long-leases, will always be attractive.

“The deal also reinforces Wakefield Europort’s reputation as the premier logistics and distribution destination in the region.”

Other high-profile occupiers include Asda, Royal Mail, DHL, Wickes, Argos and Warburtons.

Holly Woodhead, asset manager at KFIM, said: “The acquisition represents a strategic decision to increase the Fund’s regional distribution exposure. The property sits adjacent to an existing asset creating an attractive institutional holding in a proven distribution location.”  

The Leeds and London offices of property consultancy JLL acted for IDI Gazeley.