Private real estate investor Henderson Park, has paid £54 million to Haworth Group for a 136-acre tri-modal logistics development site in Yorkshire, in an off-market deal.
The deal was undertaken with real estate developer Cole Waterhouse.
The site, close to Leeds, has outline planning consent for 1.4 million ft2 of logistics space in seven units ranging in size from 40,000ft2 to 735,000ft2.
The site has already been prepared for development and work is due to commence in April 2022, with the first units ready for occupation by spring 2023.
Yorkshire and the North East currently has a logistics vacancy rate of sub 3% as a result of limited consented land availability and record take up by tenants.
The completion of the transaction is conditional on the outcome of a reserved matters planning application, pursuant to an outline planning consent granted in 2019, which was submitted to Selby District Council in October 2021.
Christophe Kuhbier, Managing Director of Henderson Park, commented: “This is a rare opportunity to develop a single-ownership logistics estate of scale, designed to the highest technical specifications and with the latest occupier requirements in mind. Amidst the broader fundamentals of the UK logistics sector, we like the dynamics of the Yorkshire submarket, and believe this strategically located site is optimally placed to deliver much needed capacity into the local market. The site is prepared for development, with a significant planning consent obtained, and we are excited to get to work with our partners to create a highly sustainable logistics estate.”
The joint venture was advised on this transaction by Metis Real Estate and Addleshaw Goddard LLP