Member Article

£30 million logistics deal for Barnsley

A joint venture between Credit Suisse and Westmount Real Estate has bought a logistics and industrial site in Barnsley from a private property investment company for £30 million.

The Leeds office of global property consultancy Knight Frank has advised on the deal, which reflects a capital value of £60 per sq ft and a net initial yield of 6.3%.

The acquisition comprises a distribution warehouse totalling 492,000 sq ft, let to the Symphony Group on a 25-year lease at an initial rent of £1.98 million per year. The lease will be subject to five-yearly rent reviews.

Sheffield-based agency Commercial Property Partners advised Credit Suisse and Westmount Real Estate while Knight Frank advised the vendor.

Henrie Westlake, head of investment at Knight Frank in Leeds said: “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 prove attractive. “

Toby Vernon of CPP added: “As a young, but fast-growing agency, we were delighted to be involved in this prestigious deal.

“The strength of the logistics and industrial distribution sector in South Yorkshire, driven by a skilled and competitive labour force and an excellent motorway network, is proving highly attractive with investors and we expect this trend to continue into 2015.

This was posted in Bdaily's Members' News section by Clare Burnett .