Economic boost for Yorkshire as major business park in Wetherby gains new owners

A major business park in Yorkshire has gained new owners.

Regional REIT announced the sale to the City of London this morning

Regional REIT Limited, the UK regional office specialist, has exchanged and completed on the sale of Marston Business Park, Tockwith, Wetherby a multi-let industrial and business park for £8.6m.

After capital expenditure, this disposal reflects a 36.5% uplift from the acquisition price and is a 4.9% premium to the 31 December 2020 valuation, with a net initial yield of 7.2%.

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In a statement, Regional REIT, said: "The 171,155 sq. ft. property is set in 41 acres and has 24 tenants. Over the period of ownership of this property, several asset management initiatives have been instigated, including the recently obtained planning consent for six individual plots totalling a floor area of some 170,000 sq. ft. on 11.62 acres.

Stephen Inglis, CEO of London & Scottish Property Investment Management, the Asset Manager of Regional REIT commented: "This disposal is part of our previously announced portfolio reorganisation programme to dispose of our industrial properties which have met their individual asset plans, with the purpose of recycling the capital into higher yielding regional office properties.

"We look forward to providing an update of the use of the proceeds from this successfully agreed sale in due course."