BAE sells Humber Enterprise Park in £10m deal

BAE Systems has sold its Humber Enterprise Park in a £10m deal.

Humber Enterprise Park, Brough

The 86-acre site in Brough, East Yorkshire, has been acquired by Lumina Real Estate Capital and Citivale joint venture, LC Industrial.

Humber Enterprise Park includes a total of 1.3m sq ft of office and industrial space and 20 acres of development land. It also holds Enterprise Zone and Assisted Area Status, which offers incentives for new occupiers.

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BAE has leased its 555,000 sq ft premises located on the park as part of the deal. The property, in which the aerospace and defence giant developed its Hawk Jet aircraft, accounts for 40 per cent of the space.

Other established tenants include Supercraft, Cablescan and East Riding of Yorkshire Council.

Jeff Carson, senior associate at Lumina Real Estate Capital, said: “We are looking to expand on the excellent work that BAE Systems have so far done in setting up Humber Enterprise Park and increasing the number of tenants on site. We are seeking to improve facilities for the benefit of existing and future tenants.”

LC Industrial was founded in June with an initial investment fund of £50m. The firm previously bought a 110,000 sq ft industrial warehouse at South Elmsall, near Wakefield, for just over £4m.

James Appleton-Metcalfe, managing director of Citivale, said: “This acquisition sits perfectly with our strategy of buying secondary assets and using our combined skills and expertise to reposition them through comprehensive refurbishment and development.

“We have some exciting and innovative plans for the site which I am confident will see the business park develop into one of the prime office and industrial locations within the Hull and East Riding region.”