Private real estate fund manager Clearbell acquires two Yorkshire logistics sites in £21m deal

Clearbell Capital, the private real estate fund manager, has completed a deal on behalf of one of its funds for the acquisition of two logistics sites in Yorkshire for £21m.

The transactions reflect a combined net initial yield of around 9% and a capital value of £23 psf.

The logistics sites will form part of Clearbell’s Taurus platform, which is targeting high-yielding, low capital value logistics assets offering discounted accommodation in markets with robust occupational demand.

The first acquisition comprises 300,000 sq ft of logistics and headquarter accommodation across two distinct buildings on Colne Bridge Road in Huddersfield.

This site is located on the M62 corridor and is home to the UK headquarters and distribution centre of Mamas and Papas (M&P), the nursery products wholesaler. The acquisition was subject to a new 12-year lease to M&P with RPI linked rent reviews.

The second acquisition comprises 620,000 sq ft of purpose built accommodation across 13 units at High Common Lane in Doncaster. The site is let to DHL for a further eight years with a break option in year three.

DHL has been onsite for over 20 years and service a number of regional and national contracts from this location.

Rob West, partner at Clearbell Capital, said: “The Yorkshire distribution market continues to benefit from a favourable supply/demand imbalance.

“We expect to see sustained demand for logistics sites of this nature, which offer occupiers cost effective real estate solutions.”

Clearbell was advised by Savills and M1 Agency for Huddersfield and Doncaster respectively.

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