Knight Frank - Leeds, Wakefield Europort

Date: 18 Feb 2010

CB Richard Ellis Investors sells £5.6 million distribution warehouse with 7.5% initial yield.

Leeds, UK: Global property consultancy Knight Frank LLP has advised on the sale of a prime distribution warehouse at Wakefield Europort for in excess of £5.6 million.

On behalf of a client of fund manager CB Richard Ellis Investors, Knight Frank LLP have sold the 90,000 sq ft building, which is let to Scottish Power UK Plc, to a private purchaser.

Scottish Power has a lease on the property paying a rent of £449,000 per annum for a further 10.8 years.

The rent equates to a base rent of £4.50 per sq ft and the deal represents a net initial yield of 7.5 per cent.

Rebecca Farnsworth, of the Leeds office of property consultancy Knight Frank LLP, advised CB Richard Ellis Investors.

She commented: "We received good interest in the property from a range of purchasers which shows the revival in investment demand if the product and the location are right. Wakefield Europort is at the hub of Yorkshire's motorway network and West Yorkshire's premier distribution park which played a significant part in the deal."

King Sturge advised the private purchaser.

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