CASE STUDIES
Case Studies
Investment
Acquisition of ASDA Regional Distribution Centre
Acting on behalf of a private investor, Hartnell Taylor Cook LLP's investment team acquired the long leasehold interest of a prominent ASDA Regional Distribution Centre at Normanton near Wakefield for £18.65 million from PRUPIM advised by Jones Lang LaSalle. The price reflects a net initial yield of 7.25%.
The 335,000 sq ft regional distribution centre comprises a 1990 build high bay distribution warehouse with ground and first floor integral office accommodation, as well as separate loading and car parking facilities. The property is let in its entirety to McLagan Investments Limited and guaranteed by Asda Group Limited, with an unexpired lease term of 17.5 years. The total passing rent is £1.43 million per annum equating to £4.25 per sq ft.
The investment attracted substantial interest from a range of investors including institutions and high net worth individuals due to the rare opportunity to acquire a prime distribution asset at one of the leading distribution locations in the north of England.
The property is situated on Foxbridge Way, Normanton and prominently fronts Junction 31 of the M62 and strategically located 10 miles south of Leeds and 38 miles east of Manchester.