Gregory Property Group has completed the investment sale of a 21,437 sq ft unit at its Park 32 industrial site in Pontefract.
It has agreed a deal with South African Fund, Leftfield Properties, to sell the unit for £2.19m.
The unit has been purchased following the successful letting of the unit to prison services operator GEOAmey in April for a ten-year term.
From August 2020, GEOAmey will start a new ten-year contract to provide secure escorting and court custody services operating on behalf of the Ministry of Justice (MoJ) in England and Wales, and the Scottish Prison Service (SPS) and Criminal Justice Partners (CJPs) in Scotland.
Park 32 is a £15m, 150,000 sq ft industrial development close to Junction 32 of the M62 motorway. The speculative development comprises four purpose-built units ranging in size. A 12,000 sq ft unit has already been sold to Specialist Tooling Technologies leaving two units of 35,000 sq ft and 83,500 sq ft available to suit a variety of occupiers for distribution, manufacturing and storage.
Andrew Foggitt of Gregory Property Group said: “We are delighted to agree the investment sale of this unit which demonstrates continued confidence, not only in the UK logistics property sector, but also in Northern sites like Park 32 which provide a strong geographical hub with great access to the national motorway network.
“Indeed, this was a critical factor when securing our deal to let the unit to GEOAmey. Park 32 delivers against a current shortage of new, purpose-built commercial space within the M62 corridor. We have two units of 35,000 sq ft and 83,500 sq ft available for immediate occupation with the option for occupiers to buy or let.”
Blacks Solicitors LLP acted for Gregory Property Group in the transaction which was completed within an impressive timescale.
Nick Dyson, head of commercial property and partner at Blacks, said: “It was a pleasure to work with Gregory Property Group and help them navigate this investment deal within such a tight timeframe. It’s always promising to see the property market investing in high quality developments in well located industrial spaces, particularly in these challenging times.”
Gerald Eve acted on behalf of Leftfield Properties whilst The Leeds offices of property advisors Carter Towler and Avison Young acted for Gregory Property Group.