Australia's Valad Property Group has let a 12,542 m[sup]2[/sup] high bay warehouse at Wakefield 41 Industrial Estate in Yorkshire to Northern Foods, a supplier of own-brand products to the big four UK supermarkets and Marks and Spencer. Northern Foods has agreed a five-year lease on the warehouse on a back-to-back basis.
Australia's Valad Property Group has let a 12,542 m2 high bay warehouse at Wakefield 41 Industrial Estate in Yorkshire to Northern Foods, a supplier of own-brand products to the big four UK supermarkets and Marks and Spencer. Northern Foods has agreed a five-year lease on the warehouse on a back-to-back basis.
The warehouse, which will be used for the distribution of Northern Foods Foxes biscuit products, was previously occupied by haulage company RCS (UK). RCS went into administration earlier this year.
Valad manages the property on behalf of its Osprey Unit Trust, a value-added style fund which currently tops the IPD UK Pooled Property Index over the last 3 years and 5 years.
Chris Carter Keall, fund manager at Valad Property Group commented: 'This is a good deal for our Osprey fund in a tough market, which will maintain and improve its income but with a much stronger covenant. We specialise in adding value through active asset management and this demonstrates the performance benefits to our Funds of this approach.'
