Kitwave unit acquired in £11.4m deal

A 65,000 sq. ft. building at Wakefield Hub has been acquired by Aberdeen Standard Investments in a £11.4m deal with property developer, HBD, with the sale price reflecting a net initial yield of 3.27%

Wakefield Hub is a 200-acre strategic industrial and logistics development being delivered by Newmarket Lane Ltd; a joint venture partnership between HBD and Yorkcourt. A nationally important logistics site, it is capable of accommodating more than 1.5m sq. ft.  

HBD forward funded the build of the unit to BREEAM Very Good standard, which includes 80 car parking spaces and 24 lorry bays.  

Simon Ross, Senior Development Surveyor at HBD, said: “It’s great to get this deal across the line – it is an excellent investment prospect given its quality and location, specification and strong covenants. Wakefield is a key destination for logistics occupiers and the shortage of Grade A industrial and logistics units will mean that demand for space will remain robust.”  

Well-located, and offering Grade A space, Wakefield Hub has attracted a series of large occupiers, including Kitwave, which moved into its purpose-built unit earlier this year.  

HBD is one of the UK’s most active developers, with seven offices across the country and a development pipeline currently sitting at £1.1bn. Its Leeds office has seen considerable growth since its launch in 2019 and is underway with a range of exciting new schemes, including Mabgate, a 310-unit residential development alongside communal, co-working and creative space, and Wyvern Park a 58-acre project in Skipton delivering industrial and office space. 

 NorthCap advised HBD on the sale. JLL advised the purchaser.