A prominent industrial site in Ossett, which is home to the UK’s largest plant, tool and equipment rental company, has sold for £2.035m to a private investor.
Leeds property consultancy Gent Visick marketed Olway Works on Healey Road, on behalf of AV Ogden Holdings Limited. The sale reflects a 6.38 per cent net initial yield.
The site covers five acres, with approximately 26,000 sq ft. of buildings, close to the M1 and is let until 2031 to Sunbelt Rentals, which rebranded from A-Plant earlier this year. The company has more than 200 depots across the UK, Ireland and Germany, and is part of the FTSE100 Ashtead Group plc.
Garry Howes, director of investment at Gent Visick, said: “We generated a significant amount of interest in Olway Works and are delighted to conclude this sale on behalf of our client.
“This transaction shows how resilient the industrial sector is and the high levels of demand that exist for high quality industrial investment opportunities that are let to strong tenants.
“This is underpinned further by a shortage of industrial premises that offer secure, surfaced open storage land in Yorkshire, which is particularly apparent in Ossett. The town has seen limited development over the past decade and currently has no new developments planned or in the pipeline in the short or medium term.”
Jim Ogden, of AV Ogden Holdings Limited, said: “We sold this site in what proved to be a set of rapidly-changing and uncertain market conditions, but the Gent Visick team were agile and adaptable throughout, and delivered a strong sale that exceeded our expectations.”
The purchaser was advised by Bromwich Hardy property consultants.