Pharmaceutical giant’s UK HQ acquired in £9.3m deal

Acting on behalf of Mayfair Capital Investment Management, the commercial property specialist, Gent Visick, has acquired Galpharm International’s UK headquarters and national distribution centre at Elmhirst Park, Barnsley.

Founded in Barnsley in 1982, Galpharm International was acquired by pharmaceutical giant Perrigo in 2008 and is the UK’s largest supplier of over-the-counter medicines.

The company expanded its operation into the 158,260 sq ft Elmhirst Park in July 2013, committing to a 10-year lease.

Mayfair Capital has acquired the asset in an off-market transaction from M&G Real Estate for approximately £9.3m.

The property has been purchased on behalf of Mayfair Capital Commercial Property Trust (MCCPT), which was established in March 2014 and has a total value of £184m.

The investment provides the fund with a yield of 6%, rising to 6.6% in July 2018 on the provision of a fixed rental uplift.

Gidon Amar from Gent Visick said: “Elmhirst Park is a high-quality distribution centre located in the M1 corridor, an ever-expanding and key logistics location. The tenant continues to invest heavily in the property and is committed to the area”.

Ned Pumphrey, fund director of MCCPT, added: “The property is let to a superb covenant and is a high-quality addition to the MCCPT portfolio. It provides a strong initial yield together with fixed income growth and the prospect of capital growth”.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →