The Yorkshire team of global property consultancy Knight Frank has brokered one of the most significant industrial property deals of the past 12 months at Wakefield Europort.
The 190,000 sq Wakefield Eurohub, pictured, has been let to Allied Glass on a ten-year lease.
The distribution warehouse had been fully refurbished by its owners, Edinburgh-based Parabola. The rent agreed is £4.25 per sq ft.
The warehouse is situated at the junction of California Way and Express Way in the heart of Wakefield Europort, one of Yorkshire’s leading distribution locations.
Barry Woods, director at Parabola, said: “We are delighted that we now have a high quality occupier on a long-term lease at Wakefield Eurohub. Allied Glass are a superb Yorkshire-based company, and we are thrilled to work with them to facilitate their expansion.
“The letting has also vindicated our strategy of comprehensively refurbishing a second hand building to a high quality specification. I would also like to thank our agency team for their hard work and expertise in securing this letting.”
Rebecca Schofield, partner with Knight Frank’s industrial property team in Yorkshire, who marketed the warehouse on behalf of Parabola, said: “This is a major letting and a resounding endorsement, not just of the quality of the refurbished warehouse, but also of the importance of Wakefield as a logistics destination in Yorkshire.
“This is one of the most significant industrial property deals in Yorkshire during the past 12 months. Wakefield Eurohub was the only warehouse of this size available to lease in West Yorkshire and it is a wonderful opportunity for Allied Glass.
“The strategic location, with direct access Junction 31 of the M62, allows direct access to the primary Trans-Pennine route. The M1 and the A1 are close by, allowing companies to reach over 70 per cent of the population within a 4.5hr drive time.
Iain McPhail, partner with Knight Frank’s industrial property team in Leeds, said: “Wakefield Europort is an established logistics and distribution location. Occupiers on the estate include DHL, Argos, ASDA, Kuehne & Nagel, Warburtons, Royal Mail, 3663 and One Stop.
“These high-profile names underline how the Wakefield area is attracting high-quality national occupiers. Knight Frank are currently marketing two other major properties in the area, both located off Junction 31 of the M62: Gilcar 31 which is an 111,600 sq ft modern warehouse with a large yard and the recently refurbished 108,500 sq ft Normanton 108.
The joint marketing agent with Knight Frank for Wakefield Eurohub was Steve Moriarty of Moriarty and Co.
Meanwhile the outlook for the industrial property market in Yorkshire for 2017 is bright, according to Knight Frank.
Rebecca Schofield said: “The key themes to take from the industrial sector in the region at the beginning of 2017 are that we are seeing speculative development of small-to-medium sized units making a much needed return to the market and we are starting to see continued rental growth and confidence within the market, which augurs well for the future.
“Throughout the industrial market, construction costs have acted as a brake on smaller speculative development over recent years. Occupier demand remains strong amid the shortage of units and we have seen grant and local authority support assist with delivering much-needed stock to the market.
“Overall, the industrial occupational market in Yorkshire has continued to perform well. As with other regions, there is a dearth of high quality existing and new build industrial stock currently available in the area, specifically in the small and mid-sized range units.”