Eddisons has sold a 39,000 sq ft warehouse investment at Featherstone’s Green Lane Industrial Estate near Wakefield for almost £2m. The building, home to NHS supplier Healthcare at Home, has been sold to Bilfinger GVA client, warehousing business Onward Holdings.
Family-run Onward specialises in operating northern industrial warehousing and retail parks. Its other sites include Castleford, Doncaster, Ackworth and Scunthorpe as well as the busy Onyx Retail Park at Wath upon Dearne near Rotherham.
Junction Point, on a 2.3 acre site and with 10,400 sq ft of offices and 29,000 sq ft of warehouse space is let to Healthcare at Home, the home medical services business that cares for cancer patients and others, at a rent of £120,000 per annum on a ten-year term that began in 2014. Eddisons, and Ian Errington, partner in Blacks Solicitors’ property team, acted on behalf of the vendor.
Steven Jones, associate agency director at Eddisons, said: “Properties generating this scale of return and with a good lease length are becoming increasingly scarce right across Yorkshire, especially with the excellent transport links that Junction Point enjoys, just two miles form the M62.
“At a 6 per cent net initial yield, the building was an excellent prospect from an asset management perspective and we are really pleased to have completed the sale for very close to the asking price.”
He added: “It’s encouraging now the dust is beginning to settle post referendum and we are seeing transactions concluding and some much needed momentum returning to the market.”
Joining Eddisons as an Associate Director in 2013, Steven brings to the table over fifteen years’ experience as a surveyor, particularly active within the Yorkshire commercial property market as a professional consultant in general practice, including ten years' PQE (Post Qualified Experience).
Steven now leads the Leeds agency team providing coverage in investment brokerage, industrial and logistics as well as office agency and development.
As a member of The Royal Institution of Chartered Surveyors (MRICS), The Leeds Office Agents Forum (LOAF), The Industrial Agents Society (IAS), and as Joint Chairman of The Office Agents Society (OAS) for Yorkshire, Steven’s solid industry knowledge, expertise and networks make him a reliable reference point for clients ranging from high net worth individuals, occupiers, PLCs, regional property companies as well as banks and investors.