A US real estate company has swooped for an East Yorkshire business park in a £15.5 million deal.
Ardent has bought Tokenspire Business Park, sat between Beverley and Woodmansey.
The company has also expressed a desire to follow through on planning permission for eight new units - a move that will represent the company’s first foray into development in the UK.
Read more: Urgent commercial property call - 3,000 sq ft temporary puffin nest required for 40 giant sculptures
Together with a north London business unit it represents a double dip into the UK market valued at £21.3 million.
Richard Benson, managing director at Ardent Companies UK, the British division, said: “While the industrial market is a hugely competitive space, there are still opportunities to be grasped for firms like Ardent UK that hold the asset management expertise to drive further growth. Both of these locations offer significant reversionary potential alongside wider asset management opportunities, particularly at Tokenspire with planning permission in place for eight new units that will be our first development activity in the UK.
“Our industrial platform is now over two million sq ft and our wider portfolio includes assets in other sectors such as Solihull’s Touchwood shopping centre, underlining just how much has been achieved in the year since we launched. As we continue to build our platform, the opportunities presented by its geographical reach and the operational and management capabilities of our team leave us ideally-placed for future growth.”
Tokenspire features 306,000 sq ft of space across 36 separate units and was acquired from London-based Vengrove, with the deal reflecting a net initial yield of 6.57 per cent.
Avison Young advised, with some of the largest tenants including Sargent Electrical Services, Tapco Roofing Products and Crossroads Pantomimes. It has been developed over the past 50 years, and is regarded as the primary site serving Beverley, with major development ongoing in the immediate vicinity. Lidl, Costa and Burger King have all emerged, with several prominent housing developments ongoing.
Further new build onsite could add a further 50,000 sq ft to Tokenspire - 16 per cent more space.
The Beverley buy was supplemented by the £5.75 million purchase of 717B North Circular Road in Brent - a unit let to AIM-listed Lebanese and Eastern Mediterranean restaurant group Comptoir.
It spans 15,104 sq ft, and is set within three quarters of an acre. It attracts an annual rent of £150,000, with a yield of 4.5 per cent. It had been owned by William Pears Group Ltd entity Area Estates. IG Real Estate assisted.
Greenberg Traurig provided legal advice on both deals, with Vengrove represented by Commercial Property Partners and Philips Lockhart Starr advising Area.
Keep up-to-date with all the latest developments - follow BusinessLive Humber on Twitter and LinkedIn.
