Sale of warehouse sees 23% value uplift

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Property developer Henry Boot has sold a 65,000ft2 warehouse in Wakefield for 23% above its last reported book value.

The unit, at the group’s flagship Wakefield Hub logistics development in Yorkshire sold for £11.35 million to ABRDN with the sale price reflecting a net initial yield of 3.27%.

The property was let on a 20-year lease in 2018 to wholesaler firm Kitwave, which took occupation earlier this year.

The Kitwave unit covers four acres of the scheme and was completed to a ‘BREEAM Very Good’ standard, with 80 car parking spaces and 24 lorry bays sitting alongside the purpose-built distribution facility.

Wakefield Hub is a 200-acre industrial and logistics development which is being brought forward by the Newmarket Lane joint venture partnership between HBD and Yorkcourt.

The logistics site is capable of accommodating more than 1.5 million ft2 of warehouse facilities, benefiting from a strong distribution location at Junction 30 of the M62, with direct links to the M1.

NorthCap advised HBD on the sale. JLL advised the purchaser.

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