Ryden executes big purchases in Yorkshire industrial market

The investment team for commercial property estate agent Ryden, which has an office in Leeds, has been making big moves in the Yorkshire market after making the acquisitions of two modern multi-let industrial estates for separate clients in the region.

Firstly, Ryden acquired Victoria Park in Halifax from Citivale for C2 Capital Two Limited Partnership, for a price of £710k reflecting a net initial yield of 9.56%.

Covering 17,308 sq ft, the nine unit modern industrial is situated a ½ mile west of Halifax Town Centre.

The development is currently fully let with an annual rent of £71,864 and TAG Tool Hire, Core Distribution and TBT joinery are among its tenants. Walker Singleton acted for the vendor.

Furthermore, while acting for Wulstan Capital LLP, Ryden also purchased 1-11 Binder Industrial Estate in Doncaster for £1.44m, reflecting a net initial yield of 11.9%.

Acquired from a private client of Philip Gifford and Associates (PG&A), The 48,918 sq ft estate is fully let, and generates a net income of £181,580 per annum. Tenants include Thymes Design, Webs Auto Body Shop and Argin Trading.

Matthew Edwards, partner at Ryden who secured the acquisitions, commented: “We continue to see strong demand from our clients for industrial stock in the region with yields looking very attractive when compared to alternative investments. The occupational market is improving and we have waiting lists on some of our managed estates.”

Adam Wilson, surveyor at PG&A who advised on the sale of Binder Industrial Estate, added: “PG&A, on behalf of the vendor, carried out a large amount of work on the sale of this asset and we are delighted to have finalised the deal with Ryden acting on behalf of the purchaser. We look forward to carrying out further sales and acquisitions of assets in the region which is showing strong demand for industrial property and we plan to maintain a strong presence”.