A Barnsley logistics and distribution centre has been sold for a total of £30m to a joint venture between Credit Suisse and Westmount Real Estate.
The 492, 000 sq ft warehouse is currently let to bedroom, bathroom and kitchen supplier Symphony on a 25 year lease. It is reported that the net yield of the property is around 6.3% with a total capital value of £60 per sq ft.
Toby Vernon, of Commercial Property Partners (CPP), said that the logistics sector has enjoyed a fantastic year, adding that he expects this trend will continue into 2015. CPP advised the joint venture partners during the negotiations for the property.
Mr Vernon went on to say that the healthy state of the industrial and logistics sectors in South Yorkshire was proving highly attractive to investors.
This is not the first Symphony leased property to be sold in the past few months. In September their Rotherham industrial unit was sold for £14.6M.
Henrie Westlake, of Knight Frank – who advised the vendor – said that this deal is one of the biggest in Yorkshire over the past year. He added he was ‘taken aback’ by the level of interest in both properties and that demand for logistics units in Yorkshire was particularly high.
Story: Chris Grigorovsky
