Developers Reland and Yorvale have forward sold 75,500 sq ft of industrial space at their £20m Network North scheme near Normanton, West Yorkshire.
The deal saw investment company IGP pay in excess of £5m for the space.
IGP has agreed to purchase the first phase of the development, comprising two units of 21,500 sq ft and 54,000 sq ft, upon completion in June 2006.
Network North is a 20-acre site near to Junction 31 of the M62.
The units sold to IGP will be completed by early summer 2006. Units of up to 200,000 sq ft in a single unit will be available in the second phase. Rental levels are around £5.25 to £5.50 per sq ft.
The smaller unit has self-contained office accommodation and an eaves height of 7m. The larger unit has a 9m eaves height and twin dock-level loading bays.
Occupiers nearby include Pickfords, DHL, Alistair Macintosh, Britvic, Asda and Geest.
Nick Arundel, managing director of joint letting agent AWS, said, “The market has seen more than three million sq ft of B1, B2 and B8 accommodation let in recent years within 500 metres of this junction, placing Normanton firmly on the shopping list of occupiers looking for top-value space with immediate motorway access.”
Reland and Yorvale were advised by AWS. IGP was advised by Whitmarsh Holt Young.
Letting agents are AWS and Carter & Co.
References: EGi News 21/03/06
