Wakefield distribution facility acquired in £11.8m deal

Wakefield Eurohub, a recently-refurbished 190,000 sq ft distribution warehouse, has been sold for £11.8m.

CCLA Investment Management has bought the property from Edinburgh-based Parabola at a net initial yield of 6.39%.

The warehouse is situated at the junction of California Way and Express Way in the centre of Wakefield Europort.

The deal was brokered by the investment team at the Leeds office of property consultancy Knight Frank.

Graham Foxton, partner with Knight Frank, said: “The deal is a resounding endorsement of Parabola’s investment strategy to acquire and comprehensively refurbish the building, which led first to a long lease with a high-quality occupier and then to this sale to CCLA”.

“This sale also underlines the importance of Wakefield as a logistics destination in Yorkshire. Wakefield Europort is an established location, occupiers on the estate include DHL, Argos, ASDA, Kuehne & Nagel, Warburtons, Royal Mail, 3663 and One Stop.

“These high-profile names underline how the Wakefield area is attracting high-quality national occupiers.”

Barry Woods, director at Parabola, added: “We are delighted to complete the sale of Wakefield Eurohub to CCLA which marks the successful completion of our investment strategy for this building.

“I would also like to thank our agency team at Knight Frank for their hard work and expertise in securing both the letting and the sale.”

Joel Duncan of property consultancy JLL acted for CCLA, which has placed this investment in their Local Authorities’ Property Fund.

Roy Halliday, fund manager at CCLA, also commented: “The property was identified as an opportunity to acquire in a well-established and popular location, which has stood the test of time and continues to go from strength to strength with new developments coming on line encouraging rental growth in the area.”