A prominent out-of-town retail site has been sold to an overseas investor in a £20m deal.
White Rose Way in Doncaster is let to DIY and garden centre store B&Q.
The restructuring and recovery team at Leeds-based property agent GVA, led by Andrew Foster, acted as Law of Property Act Receiver on the site.
The company was appointed to market the site last September and was seeking offers of more than £21m.
White Rose Way includes 109,000 sq ft of modern retail warehousing and 582 car parking spaces on an 11.57-acre site.
It is let to B&Q for approximately a further 10 years and offers a yield of 8.75 per cent rising to 10 per cent in June 2018.
Mr Foster said: “This sale proves GVA’s expertise and track record in dealing with receivership and investment sales and is a fantastic start to 2014 for GVA’s Yorkshire office, continuing our positive momentum.”
Ben Hall, investment director at GVA, who marketed the development for sale, added: “There was substantial interest in White Rose Way and the sale to an overseas investor is indicative of the demand we are seeing for strong assets in quality locations.”
Chris Bampton, national investment director at Colliers International, who acted for the purchaser, added: “This warehouse is a dominant store for B&Q in the region and offers our client an attractive income yield.”
Meanwhile, GVA has strengthened its Leeds valuation consultancy division with a new appointment, as demand for its services continues to grow.
James Yates will join the valuation consultancy team next month, having spent five years working in the bank restructuring and recovery division, also based in Leeds.
He will join a team of eight employees, which GVA said would make it one of the largest valuation teams in the region.
Bruce Allan, director of valuation consultancy, Leeds, said: ““Having worked for the business for five years, James’s move internally is a testament to the excellent culture and work ethic here at GVA and we’re delighted to welcome him to our division.”
He added: “The growth of the team is to meet the increasing demand from banks for new lending and re-financing.
“Over the past few months in particular, we’ve witnessed an increase in demand for our services such as surveying on existing and new premises, educational valuations and expert witness cases.
“The market is buoyant and we’re delighted to be expanding our team to allow us to take on this new work.”