£2.2m purchase of Normanton manufacturing facility completed

Avignon Capital Limited, the London-based property investment and asset management firm, has completed the purchase of a £2.2m, 39,000 sq ft manufacturing unit at Tyler Close, Normanton.

Carter Towler’s investment team concluded the deal on behalf of Avignon Capital on July 29th.

The modern detached facility, adjacent to the A665 Pontefract Road and close to the M62, is currently let to Harvard Engineering, a global energy saving lighting manufacturer.

David Towler, Carter Towler director, said: “This has been a particularly satisfying deal to be involved with, our client Avignon Capital has acquired a very good industrial investment property with an excellent tenant.

“The price paid, annual income and 8.5% net of costs return together makes this an exceptionally good deal considering the current trading conditions.”

Harvard Engineering has a 15-year lease on the property which has a further 10 years to run.

Louis Duffield, investment manager at Avignon Capital, added: “We continue to grow our UK portfolio and recognise new acquisition opportunities.

“Tyler Close was attractive to us as the property is in a strong industrial location, which is also benefiting from further development.

“It is a large, high quality, recently refurbished industrial warehouse and office facility which is being put to great use by an innovative manufacturing tenant; we are delighted with the purchase.”