PAI member Naylors Gavin Black continues to expand its national operations with the acquisition of industrial premises in Yorkshire for an investor group.
The move sees the investment department at Newcastle-based Naylors Gavin Black securing more than 52,000 sq. ft. of multi-let industrial and warehouse premises at the Alanbrooke Industrial Park near Thirsk for Prestwich-based Waterhill Property Group.
In a development that reflects robust demand for premium industrial property across the North of England, the park, which was acquired in a seven-figure deal, is expected to provide an initial annual yield of 7% for the new owners.
The site, which also comprises land available for new development, features 39 units including 14 which were newly built this year, ranging in size from 600 sq. ft. to 5,500 sq. ft., with good access to the A1M and the nearby Yorkshire market towns of Thirsk and Northallerton.
Naylors Gavin Black’s building consultancy department was also closely involved in the deal, providing a site survey. Partner Chris Donabie said Alanbrooke was the first site his firm had acquired for Waterhill Property Group and that the two companies are looking to develop their relationship further.
He added: “There is strong demand in North Yorkshire from businesses looking for quality industrial space to accommodate growth and expansion. Alanbrooke Industrial Park fits the bill perfectly with its great location and affordability for occupiers. I’m sure it will prove to be a very insightful acquisition for Waterhill as occupiers continue to be attracted to the site.”
Abraham Halpern, director at Waterhill Property Group, said Naylors Gavin Black had helped them to secure a ‘superb’ investment in the face of limited stock availability.
He said: “For some time we have been actively looking for well-located industrial sites across the north of England and after being introduced to this estate by Naylors Gavin Black, we were attracted by the opportunity to grow our investment through active asset management. Units like these, which have benefited from investment to modernise and refurbish them, will always be sought after by regional occupiers.”
David Smith of DJS Property Consultants Limited acted on behalf of the vendor.