Over £30m of Deals in Yorkshire in Two Months
5th December 2006
Investment deals totalling over £30m, including the North East’s biggest industrial investment deal in 5 years, have been concluded by Ryden’s Leeds office. The six transactions have taken place within the last two months, including the £11m purchase of Wira House and Wira Business Park for Highcross, ING’s £12.85m acquisition of the VIGO 250 property and the £2.723m sale and leaseback of HQ premises at Manse Lane for BNL (UK). Other transactions include the acquisition of Unit 3, Europort, Mapeley’s purchase of Parkway and Irford House, and a private investor purchase of a petrol filling station on Wakefield Rd. Ryden advised Highcross on the purchase of WIRA House and WIRA Business Park on Leeds Outer Ring Road at Lawnswood. The 110,897 sq ft office and business park property was sold for £11 million, reflecting a net initial yield of 6.79%. The property is let to a variety of tenants including the British Textile Technology Group, Rivendell Europe, Leeds Direct Distribution and Rilwood Associates.In Washington, ING UK Real Estate Investment Trust acquired the VIGO 250 warehouse in the North East’s biggest industrial investment deal in 5 years. The 246,752sq ft property was purchased for £12.85m reflecting a net initial yield of 6.25%. At Manse Lane, Knaresborough, Ryden advised plastic bearings manufacturer BNL (UK) Limited on the sale and leaseback of its 41,603 sq ft UK HQ, closing the deal on the modern manufacturing and office premises at £2,723,000, reflecting a net initial yield of 6.25%. Unit 3 at Europort Industrial Estate in Wakefield has been acquired by private investors for £1.1m reflecting a net initial yield of 6.6%. The new, modern industrial premises extend to 14,726sqft and are let to Bramall Construction Ltd on Wakefield Europort. In Leeds, Mapeley has purchased of Parkway and Irford House in Seacroft. Recently refurbished Parkway House extends to 9,712sqft and is let to the First Secretary of State. Irford House extends to 5,547sqft and is let to Leeds City Council. The properties were purchased for £1.9m reflecting a NIY of 6.72%.Ryden also advised a private investor on the purchase of a petrol filling station on Wakefield Road, Huddersfield. The purchaser is looking to redevelop the site (subject to planning) to create three retail units which have been pre-let producing a combined rent roll of £85,500 per annum. The final purchase price for the site including redevelopment was £1.2m.
