Amec Developments is pressing ahead with plans for further speculative industrial development at Wakefield Europort in Yorkshire, following the sale of the largest industrial unit in the region.
An Isle of Man-based family trust has bought the 25,630 sq m (275,870 sq ft) Scottish Courage regional distribution centre at Europort for a figure thought to be around £13.7m, representing a yield of 8%.
Amecs Mike Smith said: “We are trader developers and we havent retained anything at the site. We have another 60 acres out of 350. Our next move is likely to be a speculative phase of 6,967 sq m (75,000 sq ft) of industrial space, divided into three units.”
David Lyons Architects will design plans to be submitted for detailed planning consent early next year.
Andrew Gent at DTZ said there had been strong competition on the sale: “There isnt much product about and well-let industrial investment is popular. We are seeing positive rental growth in the sector locally for the first time in 10 years.”
Jones Lang LaSalle in Leeds represented Amec, and Addleshaw Booth, Knight Frank and Brooke Norths Leeds office advised the purchaser.
The Europort, which was developed by a joint venture between Amec and Wakefield council at junction 31 of the M62, has 120,770 sq m (1.3m sq ft) committed to development, with space for a further 92,900 sq m (1m sq ft).
Occupiers including ASDA, Wickes, the Post Office and M&S toiletries pay around £4.50 per sq ft (£48.44 per sq m).
EGi News 17/10/01
