An NHS logistics warehouse operated by Unipart Logistics has sold for nearly £13 million.
It was bought by Urban Logistics REIT as one of several key acquisitions totalling £56.1 million this week.
Specialist commercial property investment manager Orchard Street Investment Management, sold the 152,348 sq ft industrial property which it had held since 2006.
Orchard Street recently completed a re-gear of the lease, securing a 15-year revisionary letting to Unipart Logistics, which operates the entirety of the logistics depot on behalf of the NHS. The re-gear increases the unexpired lease term to 17 years, subject to five yearly rent reviews, with the agreed rent equating to £4.70 per sq ft.
Located in Foxbridge Way, Normanton, West Yorkshire, the freehold property presents a compelling investment proposition on account of its strategic logistics location and strong covenant delivering long term and secure income streams. Spread over two acres of land, the low site density allows for potential development, while the asset offers strong national transport links thanks to its prominent location on the M62.
Orchard Street was advised by Knight Frank while the purchaser was advised by M1 Agency.