Clearbell has exited its Taurus portfolio, selling a 615,000 sq ft warehouse near Doncaster, south Yorkshire, for £32m.
The Clearbell Property Partners III fund sold the final asset in Bawtry Park to AKA Dunedin. The site is fully let, to Carlton Forest Group, a national logistics and distribution company, which occupies the whole unit.
The fund acquired Bawtry Park for £11m in May 2017 as part of the Taurus portfolio, with plans to relet the building in smaller parts, which was achieved by June 2021. In July 2021, Carlton Forest Group signed an overriding lease for the whole site, doubling the rental income.
Dominic Moore, head of asset management and ESG director at Clearbell, said: “Investor appetite for large warehouses shows no signs of abating, as long-term structural changes like the rise of online shopping support the market. Occupiers continue to seek cost-effective industrial and logistics space that offers them the flexibility for both lease length and amount of space occupied.”
This follows the sale of two additional assets from the portfolio in the last 12 months. In March, the fund sold a 155,000 sq ft warehouse in Huddersfield for £8.4m, also to AKA Dunedin. Another 125,000 sq ft industrial site located in Huddersfield was sold to DG Asset Management in May 2021 for £7m.
Clearbell was advised by M1 Agency. AKA Dunedin Ltd was advised by DTRE.
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