Henry Boot has announced that its property investment and development business, HBD, has completed the sale of a 65,000 sq ft warehouse unit at the Group’s flagship Wakefield Hub logistics development in Yorkshire for £11.35m, representing a 23% premium to last reported book value.
In 2018, HBD agreed to forward fund its Joint Venture at Wakefield Hub in the building of the unit following a 20-year pre let to Kitwave, who took occupation earlier this year. The unit has subsequently been acquired by ABRDN, with the sale price reflecting a net initial yield of 3.27%.
Wakefield Hub is a 200-acre industrial and logistics development being delivered by a Joint Venture between HBD and Yorkcourt. A nationally important logistics site, it is capable of accommodating more than 1.5 million sq ft of warehouse facilities, benefiting from a strong distribution location at Junction 30 of the M62, with direct links to the M1.
The Kitwave unit covers four acres of the scheme and was completed to a ‘BREEAM Very Good’ standard, with 80 car parking spaces and 24 lorry bays sitting alongside the purpose-built distribution facility.
Tim Roberts, CEO of Henry Boot PLC, commented: “The high quality of product being delivered by HBD at Wakefield Hub is evidenced through this disposal. The Kitwave warehouse presents a highly attractive investment proposition due to the asset’s quality and specification, its covenant strength, and strategic location. Wakefield has cemented itself as a key destination for national logistics operators, while a shortage of Grade A space locally supports the resilience of demand at this flagship scheme as HBD continues to progress its delivery and maximise its potential.”