Three industrial units at Waterside Business Park near Leeds have been sold by Town Centre Securities in a £9.96m deal.
The units - let to three separate tenants at the park in Stourton - were acquired by privately-owned real estate fund management and advisory business Clearbell, in a deal that reflects net initial yield of 4.49%.
Leeds property consultancy Gent Visick acted on behalf of Town Centre Securities (TCS) and had previously acted for TCS when it acquired the units in 2015 for £4.49m. DTRE advised Clearbell in negotiations.
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The three detached buildings all comprise steel portal framed warehouse units with ancillary two storey office areas.
Unit 2 covers 19,629 sq ft and is occupied by parcel distribution firm, SW Group Logistics. Unit 3 measures 24,597 sq ft and is let to vehicle rescue and recovery specialist, DH Mansfield Ltd. And the largest of the three, unit 6, measures 32,933 sq ft, unit 6 and is a food grade facility occupied by Elleron Consulting Limited.
Garry Howes, director of investment at GV, said: “This was a rare chance to acquire a prime, multi-let industrial estate in an established and popular industrial location and the level of interest from investors was extremely high.
“This is a particularly good result for our client given that the asset has more than doubled in price since we led the acquisition of the site seven years ago on behalf of TCS. This reinforces the current strength of the industrial investment market and the amount of capital that is ready to be deployed for high quality opportunities in good locations.”
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