Economic boost for Yorkshire as logistics distribution unit in Elland is snapped up for £17m
A prime 126,534 sq ft logistics distribution unit in Elland, West Yorkshire, which is let to Buy It Direct, one of the UK’s largest online consumer goods retailers, has been acquired in a £17 million deal.
Unit J6 at Lowfields Business Park was built in 2005 and sits in a 6.3 acre site, approximately one mile from junction 24 of the M62.
The site has been acquired by Cabot Properties, the international private equity real estate investment firm, which focuses on industrial properties. The acquisition was negotiated by the Investment team at Leeds property consultancy, Gent Visick (GV).
Michael Williams, director of investments at Cabot Properties, said: “This is a modern, well specified logistics asset, let to a fast growing, nationally recognised e-commerce occupier in a highly accessible location which makes this a strong addition to our core portfolio.”
“We continue to actively seek both core and value add opportunities to build upon our existing portfolios in the UK.”
Garry Howes, director of investment at GV who negotiated the deal on behalf of Cabot said: “In the current highly competitive industrial and logistics market with unprecedented levels of capital looking to be deployed, it is always a pleasure to be able to secure opportunities for our clients.
“This is a high-quality unit, close to the M62, that is let to one of the UK’s fastest growing online retailers.”
“This made it a very compelling investment opportunity for Cabot Properties, and we’re very pleased to complete this acquisition on their behalf.”
Cabot Properties acquires, develops and operates real estate in cities throughout the United States, United Kingdom, Europe, and Australia.
Cabot Properties has invested $13bn in logistics real estate, served more than 4,000 tenants and operated around 1,500 buildings. GV is a property consultancy providing support during acquisitions, sales, lettings and investment transactions, with offices in Leeds and London. Its services include industrial agency, building surveying and project management, investment and strategic consultancy.
It’s the latest in a number of major commercial property deals which have provided a boost for the region’s economy. Yorkshire is a popular place to establish major logistics centres due to its strong road and rail connections.
Earlier, this week it was revealed that a flat-packed furniture and home furnishings supplier had acquired substantial new distribution premises, which will create up to 50 jobs.
Located on Bradford Road in Cleckheaton, the 175,000 sq ft of warehouse space was previously home to Westex Flooring, which has now relocated to Dewsbury.
Lassic Group is a family-owned business with existing UK distribution facilities in both Bradford and Brighouse, as well as staff and manufacturing bases in the Far East and South America.
The firm sources, imports and distributes household products and furniture to retailers throughout the UK and Europe.
Suresh and Raj Handa, of Lassic Group, said: “This will allow us to add more products to our portfolio.”