The 336,260 sq ft property is one of the company’s first distribution acquisitions in the UK, let for a remaining term of 15.5 years at a passing rent of £1.43 million, equating to £4.25 per sq ft. The property is in operation 24 hours a day, 364 days a year, and employs over 800 people distributing 1200 pallets a day to 50 Asda stores.
Other occupiers in the locality include Argos, Britvic, DHL, Kuehne and Nagel, Linpac Plastics, Royal Mail, Scottish Courage, TK Maxx, Wickes and Warburtons.
John Hanson, Director, National Investment at Colliers International, said: “Wakefield is a strategic location for Asda and benefits from excellent access onto the M62 motorway. Asda have been in occupation of the subject property for a number of years and have fitted the unit out to suit their occupational requirement. The UK distribution investment market continues to attract interest from UK and Overseas investors.”
In 2009, Prupim sold the freehold interest the asset for for £18.65m to a private client of Hartnell Taylor Cook. The price reflects a net initial yield of 7.25%.
Colliers International advised Curtis Hall. Hartnell Taylor Cook advised the vendor.