Avison Young has sold Euroway 26, a 193,000 sq ft industrial unit in Bradford, on behalf of Legal & General, for £11.9m.
The unit, which is part of the Euroway Trading Estate, has recently been comprehensively refurbished and was let to logistics, haulage and distribution business, Expect Distribution earlier this year after Avison Young was appointed to market the warehouse.
The sale price generated reflected a net initial yield of 6.10 per cent.
James Yates of Avison Young’s Leeds office, who acted on behalf of Legal & General, said: “The sale of Euroway 26 shows confidence from the new investor in not only the future performance of the regional industrial market, but also the quality of the tenant Avison Young secured on a long-term lease.”
Avison Young and Eversheds acted for Legal & General, while Cushman and Wakefield acted on behalf of the purchaser.
Jason Pickering of Cushman and Wakefield said: “This acquisition satisfies our client’s strategic desire to increase their regional distribution exposure and offers secure income for ten years with the benefit of a minimum uplift in year five and opportunity for further rental growth. The property is underpinned by strong fundamentals and has also recently benefitted from a comprehensive refurbishment.”
Avison Young is the world’s fastest-growing commercial real estate services firm.
Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries.
The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.