Asda distribution centre bought in £22m deal

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SUPERMARKET chaIN Asda’s regional distribution centre in Yorkshire has been acquired for £22m.

The centre in Normanton, near Wakefield, has been sold to a private Middle Eastern client of Curtis Hall.

The 336,260 sq ft property is one of the company’s first distribution acquisitions in the UK.

The property is in operation 24 hours a day, 364 days a year, and employs more than 800 people distributing 1,200 pallets a day to 50 Asda stores.

Other occupiers nearby include Argos, Britvic, DHL, Kuehne and Nagel, Linpac Plastics, Royal Mail, Scottish Courage, TK Maxx, Wickes and Warburtons.

John Hanson, the director for national investment at Colliers International, said yesterday: “Wakefield is a strategic location for Asda and benefits from excellent access on to the M62 motorway.

“Asda have been in occupation of the subject property for a number of years and have fitted the unit out to suit their occupational requirement.

“The UK distribution investment market continues to attract interest from UK and overseas investors.”

In 2009, Prupim sold the freehold interest in the asset for £18.65m to a private client of Hartnell Taylor Cook. The price reflects a net initial yield of 7.25 per cent.

Colliers International advised Curtis Hall, while Hartnell Taylor Cook advised the vendor.

There have been a number of major Yorkshire commercial property deals announced in recent months, as the market recovers from a prolonged slump.