Unit 1, Headways, Stanley, Wakefield WF3 4FE
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NorthCap have successfully sold this prime mid box logistics unit on behalf of Henry Boot Developments (HBD).
The property is let in its entirety to H.B. Clark & Co. (Successors) Limited with guarantees from Kitwave Investments Limited and Kitwave Group Limited. The new FRI lease is for a term of 20 years from 14th February 2022 without break. The rent will be reviewed every five years to the higher of open market value or uncapped RPI.
The initial rent is £396,500 pa reflecting a low overall rate of £6.10 psf. At the time of launch NorthCap suggested an ERV of £7.50 psf and a total reversion of £487,500 pa.
The purchase price was £11,350,000 reflecting a net initial yield of 3.25% and a reversionary yield of 4%.
The purchaser ABRDN was represented by JLL.
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