Private buyer for distribution centre

Knight Frank sold the 90,000 sq ft warehouse at Wakefield Europort, to a private purchaser on behalf of a client of fund manager CB Richard Ellis Investors.

Scottish Power has a lease on the property, paying a rent of 449,000 per annum for just over 10 years.

The rent equates to a base rent of 4.50 per sq ft and the deal represents a net initial yield of 7.5 per cent.

Rebecca Farnsworth, of the Leeds office of property consultancy Knight Frank, said: "We received good interest in the property from a range of purchasers, which shows the revival in investment demand if the product and the location are right.

"Wakefield Europort is at the hub of Yorkshire's motorway network and West Yorkshire's premier distribution park, which played a significant part in the deal."

King Sturge advised the private purchaser.