Developer Gazeley has paid around £11 million for a 281,000 sq ft vacant warehouse on Wakefield Europort in West Yorkshire in a move to secure industrial assets and land in areas where there is a distinct shortage of Grade A stock and growing demand.
The former HI Group warehouse on Tuscany Way is currently undergoing refurbishment with completion expected in April 2014. It will be marketed as G.Park Wakefield
Europort and is the largest logistics warehouse currently available on the Wakefield Europort site and sits immediately adjacent to the M62 Motorway – one mile from junction 31. The unit currently boasts 12m eaves, 4 level access loading points, 2 finger bay loading points and 18 dock levellers.
Gazeley’s Bruce Topley said: “Gazeley is focused on growing its business through the strategic acquisition of industrial assets including vacant warehouses, land banks and other appropriate income producing industrial assets. The acquisition of this Grade A warehouse is in keeping with this strategy and is a significant addition to our UK logistics asset portfolio. Wakefield Europort is a fantastic location from which our customers will be able to unlock the potential of Northern England. We believe that it will prove to be a compelling proposition for new and existing customers alike.”
G.Park Wakefield Europort is the second major acquisition made by Gazeley in as many months. The announcement follows the acquisition, made at the start of December, of an 18.5 acre strategic logistics site in Daventry in the Midlands of the UK, able to accommodate new-build logistics warehouse opportunities in excess of 250,000 sq ft.
Moriarty & Co advised Gazeley on the purchase. JLL advised the vendor. Both agents will jointly market the property going forward.