Acting on behalf of AEW UK, the industrial team at Avison Young has completed the sale of Batley 111 to local business, Saville Property Company.
The 111,000 sq ft warehouse is located in the popular Grange Road area of Batley and has been occupied by Puma for many years. With Puma vacating later this year, consolidating several of its operations into one new facility at Glasshoughton, the unit will become vacant for the new owner-occupier.
Rob Oliver, principal in Avison Young’s Leeds office, said: “We knew we’d receive lots of interest for the unit, given the general supply and demand imbalance in the market, but also specifically because of the number of businesses in Batley and the surrounding area looking for larger, secondhand freehold premises which are so rare.
“We must have undertaken in excess of 70 viewings of the property with a range of occupiers and investors and are delighted to have now completed this sale on behalf of our client.”
Sultan Khan, of Saville Property Company, said: “We have a number of manufacturing and distribution businesses in the locality, together with a thriving property investment operation. We started tracking this unit as soon as we heard of Puma’s proposed relocation, and from viewing it at the outset of marketing, were keen to acquire it.
“The unit offers us the opportunity to consolidate several operations into a single unit, driving efficiency and growth, and will be a great long-term investment.”
Henry Butt of AEW said: “We are pleased to have sold the property to an owner-occupier, who is already synonymous with the area, saving the fund from having to carry out a speculative refurbishment project with a likely void period. In doing so, we have sold the property at a significant premium to valuation and purchase price, returning a 21 per cent IRR for the fund.”