Private equity real estate firm Henderson Park has acquired a logistics development site in Yorkshire, UK for £54 mln (€63 mln) from Harworth Group.
Private equity real estate firm Henderson Park has acquired a logistics development site in Yorkshire, UK for £54 mln (€63 mln) from Harworth Group.
The off-market deal for the 136-acre (55 ha) tri-modal project was undertaken with UK developer Cole Waterhouse, which is managing the acquisition, development and leasing of the site.
The site is 20 km from Leeds and has outline planning consent for 1.4 mln ft2 (130,000 m2) of prime logistics space. Seven units are expected to be developed ranging in size from 40,000 to 735,000 ft2.
The site has already been prepared for development and work is due to commence in April 2022, with the first units ready for occupation by spring 2023. Yorkshire and the North East currently has a logistics vacancy rate of sub 3% as a result of limited consented land availability and record take up by tenants, according to Henderson Park.
Christophe Kuhbier, managing director of Henderson Park, commented: 'This is a rare opportunity to develop a single-ownership logistics estate of scale, designed to the highest technical specifications and with the latest occupier requirements in mind.
'Amidst the broader fundamentals of the UK logistics sector, we like the dynamics of the Yorkshire submarket, and believe this strategically located site is optimally placed to deliver much needed capacity into the local market.
'The site is prepared for development, with a significant planning consent obtained, and we are excited to get to work with our partners to create a highly sustainable logistics estate.
Located on the site of a former colliery near Wakefield, the development will be the country’s only inland distribution park offering tri-modal connectivity to the UK and continental Europe via road, water or rail.
Sustainability will be a key consideration at all stages of development, with the finished assets targeting BREEAM certification and other specifications desired by occupiers.
The completion of the transaction is conditional on the outcome of a reserved matters planning application, pursuant to an outline planning consent granted in 2019, which was submitted to Selby District Council in October 2021.
Damian Flood, CEO of Cole Waterhouse, commented: 'The acquisition of this superb logistics site demonstrates our continued commitment to developing in the industrial and logistics sector.
'This is our first project with Henderson Park and we are excited to be working with an experienced joint venture partner that shares our focus on sustainable development and creating value.
'We are actively looking for additional opportunities to bring forward in well located and connected logistics sites across the UK.'
The joint venture was advised on the transaction by Metis Real Estate and Addleshaw Goddard.
