Done deal for £19.1m Wakefield Europort warehouse

The Leeds office of global property consultancy Knight Frank has bought a 281,000 sq ft warehouse at Wakefield Europort for £19.1m.

The purchase from IDI Gazeley was made for Knight Frank Investment Management (KFIM), acting on behalf of Lancashire County Council Pension Fund.

The Grade A warehouse, which is located in Tuscany Way, Wakefield Europort, is occupied by Bibbys Distribution Ltd. Bibbys have just signed a new ten-year lease at a rent of £4.16 per sq ft.

Rebecca Farnsworth, investment partner at Knight Frank in Leeds, commented: “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. Its location is superb, with direct access Junction 31 of the M62, the primary Trans Pennine route. The M1 and the A1 are close by, allowing companies to reach over 70 per cent of the population within a 4.5hrs drive time.”

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

Holly Woodhead, asset manager at KFIM, added: “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.