Ryden’s investment team continues to be active in the Yorkshire industrial market after acquiring two modern multi-let industrial estates for separate clients in the region.
In Halifax, Ryden acquired Victoria Park from Citivale for C2 Capital Two Limited Partnership. The purchase price was £710,000, reflecting a net initial yield of 9.56%. The nine unit modern industrial estate spans 17,308 sq ft and is situated ½ mile west of Halifax Town Centre. The development is fully let, providing an annual rent of £71,864, with TAG Tool Hire, Core Distribution and TBT joinery amongst its tenants. Walker Singleton acted for the vendor.
Acting for Wulstan Capital LLP, the property consultant purchased 1-11 Binder Industrial Estate in Doncaster for £1.44m, reflecting a net initial yield of 11.9%. The 48,918 sq ft prominent estate is fully let and was acquired from a private client of Philip Gifford and Associates (PG&A). It generates a net income of £181,580 per annum and tenants include Thymes Design, Webs Auto Body Shop and Argin Trading.
Matthew Edwards, partner at Ryden who secured the acquisitions commented: “We continue to see strong demand from our clients for industrial stock in the region with yields looking very attractive when compared to alternative investments. The occupational market is improving and we have waiting lists on some of our managed estates.”
Adam Wilson, surveyor at PG&A who advised on the sale of Binder Industrial Estate commented: “PG&A, on behalf of the vendor, carried out a large amount of work on the sale of this asset and we are delighted to have finalised the deal with Ryden acting on behalf of the purchaser. We look forward to carrying out further sales and acquisitions of assets in the region which is showing strong demand for industrial property and we plan to maintain a strong presence”.