Valad Europe has completed the sales of Unit A and Unit B at Centre 31, Foxbridge Way on the Normanton Industrial Estate, West Yorkshire.
Both sales were completed on behalf of Valad’s V+ UK fund.
Unit A, a 31,917 sq ft warehouse with two storey office space let to British Electrical Lamps Limited, was sold for GBP1.4m, equating to a net initial yield of 8.97 per cent. Unit B, comprising 64,904 sq ft of warehouse with two storey office space let to YESSS, was sold for GBP3.195m, equating to a net initial yield of 8.35 per cent. Both units achieved pricing ahead of valuation.
The Normanton Industrial Estate is a popular location for distribution warehousing occupiers. Located 10 miles south east of Leeds and next to Junction 31 of the M62, it offers excellent transport links to the rest of the UK.
Rob Howe, Valad Europe’s head of UK real estate, says: “Having implemented our asset management strategy to let Unit A and Unit B, we had two assets that fulfilled the investment criteria of a number of buyers in the market. The market sector for well let, well positioned distribution warehousing stock is one which is presently very active. As such, timing for disposal was right and we secured a number of attractive offers for both units, trading both at a premium to their current valuations, which is a good result for the investors of V+ UK.”
Gent Visick acted for Valad Europe on both sales.