Sunday, December 4, 2022

200,000 sq ft Bradford industrial asset sold

Strategic real estate advisor Avison Young, acting on behalf of Slough Borough Council, has completed the sale of Euroway 26, Bradford to an undisclosed buyer.

The Council has owned the out-of-borough investment since 2019 and the sale marks the start of a series of disposals of council-owned assets, agreed as part of the government intervention in the borough following the financial collapse of the council in 2021.

Euroway 26, Bradford, is a prime industrial asset encompassing 200,747 sq ft GIA, refurbished extensively in 2018. Located in the centre of the Northern Powerhouse region, Euroway is ideally positioned between the major economic centres of Leeds and Manchester.

The asset is currently let to the well-established logistics operator Expect Distribution on a 15-year lease from March 2019.

In the present cycle, the logistics market in Yorkshire has been typified by a lack of supply of units in the 100,000 to 250,000 sq ft range, both new build and second-hand, which presented an additional pull to buyers in the market.

James Yates, director in Capital Markets, Avison Young, said: “We are delighted to have completed this sale on behalf of our client against the current economic backdrop. The asset was acquired only three years ago, and the sale demonstrates that there remains a market for well-located logistics buildings with good fundamentals.”

Councillor Rob Anderson, lead member for financial oversight and council assets at Slough Borough Council, said: “This first sale is a milestone in our programme to divest the council of surplus property assets, to reduce our borrowing and bring the council back to a stable financial footing.

“Cabinet agreed that a package of the council’s out-of-borough investment properties were sold first, as these are surplus to our operational requirements, don’t have significance to local people in the way some of our assets in the town do, and aren’t always producing strong rental income anymore, given recent changes in the economic landscape.

“I am delighted this first sale has completed, with the other sales we are transacting, as these support the council’s financial recovery by producing significant capital receipts and reducing our borrowing and debt charges.”

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