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Bilfinger GVA secures £5.8m distribution unit sale

Monday, 14 December 2015

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Leading commercial property consultancy Bilfinger GVA, working jointly with Andrew Millar Chartered Surveyors, has successfully completed a £5.8m sale of distribution units in West Yorkshire on behalf of Onward Holdings.

The freehold interest of the two units on the successful Langthwaite Business Park in South Kirby has been acquired by Stephenson Day, acting on behalf of AEW UK REIT PLC, representing an initial yield of 11.1%.

Jon Stephenson, of Stephenson Day, which acted for the buyer, said: “We’re pleased to have advised AEW UK REIT PLC on this purchase. We see this property as a strong addition to their portfolio.”

Current tenant Ardagh Glass, part of the Ardagh Group, a global leader in glass and metal packaging solutions, occupies 220,427 sq ft at the site and has a further two and a half year lease agreement at a rent of £681,000 per annum.

Ben Hall, Investment Director at Bilfinger GVA in Yorkshire, added: “Langthwaite Business Park is a well-established business location on the edge of the South Kirkby and South Elmsall areas near Wakefield, which benefits from good access to major transport links.

“This deal further demonstrates the demand from investors based outside of the region who are attracted to the occupational strengths of the north.”

Neil Storey of Onward Group said: “We’re delighted to have worked with Bilfinger GVA to secure the £5.8m deal. The sale will enable to us to focus on growing our portfolio with a bias on smaller individual assets.”

For further information on the sale or any other investment opportunities please contact Ben Hall, Director at Bilfinger GVA on 0113 280 8064 or email ben.hall@gva.co.uk