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.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemichaving a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.




Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close