Private investor acquires Leeds industrial unit in £8.6m deal

A private investor has acquired a refurbished Leeds industrial unit in an off market deal.

Normanton 108, adjacent to junction 31 of the M62, sold for £8.6m and reflects a net initial yield of 6.5 per cent.

The unit, acquired by commercial property specialist Onward Holdings in 2015, offers approximately 87k sq ft of warehouse space across a 7.2 acre site. It also includes office space and loading areas.

Neil Storey, director of Onward Holdings, said: “Onward Holdings is helping to meet the requirement for jobs and flexible logistics facilities in this vital economic hub.

“There has been significant investment by Onward Holdings in Yorkshire warehouse facilities over the years – including the recent construction of Phoenix 66 built to the highest possible standards on the Green Lane Industrial Estate in Featherstone – which has attracted a wide range of companies to occupy space, bringing a much-needed jobs boost and business to the region.”

Garry Howes, director of investment at Gent Visick, who advised the buyer on the deal, said: “Normanton 108 is a quality asset, that has been refurbished to a very high standard, as well as offering future development potential, and it’s let on a long lease to a reputable, international business.

“All this made it an attractive investment opportunity for us to introduce to our client and then proactively target on their behalf.”