International real estate advisor Savills, on behalf of a private investor, has acquired Sterling Industrial Park in Castleford, Yorkshire from Buccleuch Property for £1.59 million, reflecting a net initial yield of 8%.
The freehold estate comprises 17 units of between 3,850 sq ft (385 sq m) and 560 sq ft (52 sq m) set on 1.6 acres (0.66 hectares) of landscaped grounds. It is occupied by trade orientated tenants including Timpsons and Dyno-Rod.
Situated off Junction 32 of the M62, the park benefits from excellent transport links and close proximity to the Xscape leisure complex, a number of car dealerships, restaurants and an outlet shopping village.
Mark Wilson, associate director of investment at Savills, comments: "Units of this size are rare in locations so well connected to the motorway network, resulting in strong occupier demand. With a high initial yield on offer, this multi-let industrial park is a valuable addition to our client's portfolio."
Buccleuch Property was represented by Metcalf Harland Property Investment.
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